The lenders were paid out from refinancing of the downtown Toronto development prior to construction commencing due to a significant increase in equity ahead of schedule.
"East Fifty Five is the third Fortress & Lamb Development Corp condominium in downtown Toronto that has exited in just the last 12 months," stated Building and Development Mortgages Canada Principal Broker Ildina Galati.
"The downtown condominium market has proven prosperous for syndicate mortgage lenders, as the borrowers are well versed in selecting, acquiring, entitling and selling high-rise projects."
The project is the 10th that has exited this year, paying back more than $100 million of lender principal.
"We continue to benefit from key acquisitions in the Toronto housing market, and are extremely pleased that our belief in the downtown east area as the next hot neighbourhood has come to fruition," added Fortress CEO Jawad Rathore. "It is a testament to the vision of our partner Brad Lamb, one that is aligned with ours, as we continue to identify valuable opportunities for all our stakeholders."
More market update:
A syndicate of more than 300 lenders have received a 9.2% annualized return on a mortgage that funded a Fortress/Lamb high-rise residential development.