Syndicate Exits King Charlotte Project With 49% Return
Building and Development Mortgages Canada has exited King Charlotte, an investment that saw the lenders syndicate earn a 48.69% ROI, or 8% per annum over six years. The 32-storey, 232-unit condo project was developed by Lamb Development Corp and Fortress Real Developments. It sits on a 9,646 SF mid-block site at 11 Charlotte St, acquired in 2010. The building was recently completed and registration at the condo, home to several Toronto-based pro athletes, was granted last month. BDMC closes all of the syndicate mortgage transactions that fund Fortress projects.