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  #3721  
Old Posted Sep 18, 2018, 10:03 PM
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A public flogging at Portage and Main would be desirable for these crooks.
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  #3722  
Old Posted Sep 19, 2018, 1:37 PM
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I would settle for them selling their property to a real credible developer.
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  #3723  
Old Posted Sep 20, 2018, 9:43 PM
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Why not both?
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  #3724  
Old Posted Oct 17, 2018, 3:34 PM
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https://www.theglobeandmail.com/busi...ess/?cmpid=rss

Second mortgage brokerage firm tied to real estate developer Fortress Real Developments shuts down

JANET MCFARLAND
PUBLISHED 2 DAYS AGO
UPDATED OCTOBER 15, 2018

FOR SUBSCRIBERS

A second mortgage brokerage firm that raised money to finance projects for Fortress Real Developments Inc. has closed its doors, marking another setback for the troubled real estate developer.

FDS Broker Services Inc. filed for bankruptcy effective Sept. 17, according to licensing information filed with the Financial Services Commission of Ontario, the province’s mortgage industry regulator.

FDS, initially known as Fortress Distribution Services Inc., was owned by its chief executive Zafar Khawaja, a licensed mortgage broker. Mr. Khawaja could not be reached for comment on Monday and FDS’s main phone number went straight to voicemail.

Mississauga-based FDS was one of three brokerage firms that were dedicated to raising syndicated mortgage funds from investors to provide loans to real estate developers for new projects being co-ordinated by Fortress, a real estate consulting firm based in Richmond Hill, north of Toronto.

Another of the three firms, FMP Mortgage Investments Inc., told clients in April it was surrendering its mortgage brokerage licence and suspending business operations. A third firm, FFM Capital Inc., is still in business.

Fortress raised a total of $920-million from investors between 2009 and 2017 to help finance new real estate developments, including many condominium construction projects.

Much of the financing was arranged by mortgage brokers at FDS, FMP Mortgage and FFM Capital. In 2016 alone, FDS raised $67-million from 1,174 syndicated mortgage investors, according to regulatory filings.

FDS reported having 102 brokers and agents as of Dec. 31, 2016, including 23 who worked full-time, according to its filings with FSCO. The firm’s bankruptcy filing lists liabilities of $550,453 and assets of $16,000 as of Sept. 12.

Many of the Fortress development projects financed by syndicated investors have faced long delays and investors have not been repaid their principal or accrued interest payments, spurring many complaints to regulators.

The RCMP searched Fortress’s head office location in April, and also executed search warrants at the offices of FDS, FMP Mortgage and FFM Capital. The search warrant application said the force is investigating alleged syndicated mortgage fraud. No charges have been laid.

FDS, FMP Mortgage and FFM Capital were founded between 2011 and 2013 by former employees of mortgage brokerage firm Building & Development Mortgages Canada Inc. (BDMC), which was based at Fortress’s head office location and co-ordinated all syndicated mortgage financing for the real estate projects. An affidavit filed in court by FSCO in April said BDMC’s owner directed employees to leave and set up the companies to “provide some degree of separation” between the brokers helping investors lend money for Fortress projects, and BDMC, which represented Fortress and the project borrowers.

FSCO reached a settlement agreement in March with the four brokerages following an investigation into syndicated mortgage investments. Under the voluntary settlement, FDS, FMP Mortgage and FFM Capital agreed to pay $235,000 each and BDMC agreed to pay $400,000. The principal brokers for FDS, FMP Mortgage and FFM Capital had their mortgage broker licences revoked, while the owner and principal broker for BDMC agreed to surrender her licence.

Since March, senior lenders on many Fortress projects have filed court applications to take control of the projects because the loans are in default. Among the development projects in Ontario that are under the control of a receiver are Fortress Brookdale and Harmony Village Sheppard in Toronto; Union Waterfront in Port Dalhousie; and Glens of Halton Hills.
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  #3725  
Old Posted Oct 17, 2018, 3:38 PM
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This being said we should start a pool: how long until this winds itself down completely? I say 18 months and the land will be sold to a new developer at a steep loss, officially signaling the end of skycity and the departure (good riddance) of fortress.
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  #3726  
Old Posted Oct 17, 2018, 4:02 PM
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Quote:
Originally Posted by optimusREIM View Post
This being said we should start a pool: how long until this winds itself down completely? I say 18 months and the land will be sold to a new developer at a steep loss, officially signaling the end of skycity and the departure (good riddance) of fortress.
The developer has already said it was dead. Not sure how much more official you need.
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  #3727  
Old Posted Oct 17, 2018, 4:05 PM
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^ Yeah, it's dead as a doornail. The only Skycity related news I'm interested in at this point is once the sale of the site is complete.
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  #3728  
Old Posted Oct 17, 2018, 4:32 PM
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Change the thread title from proposed to scam, oops I mean cancelled.
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  #3729  
Old Posted Oct 17, 2018, 5:54 PM
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Change the thread title from proposed to scam, oops I mean cancelled.
It seems to be a dead deal. Ill edit the thread to cancelled. Then maybe in the future if a sale happens and a new project is proposed, i can re-edit it once again.

agreed?
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  #3730  
Old Posted Oct 17, 2018, 5:57 PM
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Sounds good.

When/if the land is sold and someone develops, this thread can be locked and we'll create a new one.
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  #3731  
Old Posted Oct 17, 2018, 7:23 PM
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Did the hotel property ever get full reclaimed by CentreVenture?

I know Fortress was trying to spin it into the same development but it was separately titled and definitely had a time clock on the delay or it reverted back.

As poor as the hotel was it was contributing more to that block that a boarded up property.
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  #3732  
Old Posted Oct 17, 2018, 7:41 PM
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I believe someone mentioned back on here that it already is in the process of (or has been) turned back over to CV, and there was already interest in it.
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  #3733  
Old Posted Oct 17, 2018, 7:49 PM
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Quote:
Originally Posted by CoryB View Post
Did the hotel property ever get full reclaimed by CentreVenture?

I know Fortress was trying to spin it into the same development but it was separately titled and definitely had a time clock on the delay or it reverted back.

As poor as the hotel was it was contributing more to that block that a boarded up property.
Centre Venture has an RFP out on the former hotel.

http://www.centreventure.com/news/jo...um-in-the-shed
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  #3734  
Old Posted Oct 18, 2018, 3:06 PM
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It would be interesting to see the St Regis become a boutique style hotel like Hotel Donaldson.
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  #3735  
Old Posted Oct 18, 2018, 3:21 PM
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I'd like to see apartments. I feel like it's a really good location for that in terms of expanding the area on/just off Portage that has housing (Avenue, Stirling, Glasshouse)
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  #3736  
Old Posted Oct 18, 2018, 3:47 PM
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Whoever takes over the St Regis has balls. Heritage ain't easy, but I hope for a boutique Hotel or apartments as well.
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  #3737  
Old Posted Oct 18, 2018, 3:56 PM
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Whoever takes over the St Regis has balls. Heritage ain't easy, but I hope for a boutique Hotel or apartments as well.
Multi floor addition (midrise)!!!
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  #3738  
Old Posted Oct 18, 2018, 3:58 PM
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^ This may be heresy, but I'd be just fine with it if it were demolished to make way for something else. Whatever historic charm the St. Regis once had has almost completely eroded over the years.

If we're going to have a heritage building restoration around there, I'd like to see it in a more prominent location in a nicer building. For instance, the old Bank of Nova Scotia right on Portage (currently housing Vital Stats) would be what I'd want to see converted into a swanky boutique hotel/restaurant.
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  #3739  
Old Posted Oct 18, 2018, 4:44 PM
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Quote:
Originally Posted by esquire View Post
^ This may be heresy, but I'd be just fine with it if it were demolished to make way for something else. Whatever historic charm the St. Regis once had has almost completely eroded over the years.

If we're going to have a heritage building restoration around there, I'd like to see it in a more prominent location in a nicer building. For instance, the old Bank of Nova Scotia right on Portage (currently housing Vital Stats) would be what I'd want to see converted into a swanky boutique hotel/restaurant.
No heritage. All the woodwork from the Oak Room ended up in a pub in the East Exchange IIRC.
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  #3740  
Old Posted Oct 18, 2018, 4:49 PM
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Yeah, it doesn't have a heritage designation. They saved the Oak room.
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