The Collier Centre in Barrie is almost complete
Justin da Rosa
REP
The syndicated mortgage provider currently embroiled in a lawsuit with investors has released a statement on the Collier Centre.
The Mady Collier Centre in Barrie is now 80% complete and occupancy is expected for January 2017, according to a release from Fortress Real Developments.
“The substantial progress in the Collier Centre project is even more significant when you consider where the project was just over a year ago when Fortress stepped in to rescue it during CCAA proceedings,” Jawad Rathore, President and CEO of Fortress, said. “Since then, as has been widely acknowledged in the press, Fortress Collier restarted construction and committed to repay syndicated mortgage lenders.”
Fortress’ release comes less than a week after reports that it, along with Centro Mortgages, FFM Capital, FSCO and a number of other entities and individuals, including Fortress president Jawad Rathore, were named in a suit brought forth by two investors in the Collier Centre project.
The plaintiffs are seeking general damages in the amount of $25 million; exemplary, punitive and aggravated damages of $2.5 million; accounting of all funds paid to the defendants by the plaintiffs, as well as funds paid by the development to the defendants; and that the defendants give up all profits made, among others, according to a statement of claim issued earlier this month.
That suit can be viewed here.
According to Fortress’ release, construction of the non-residential building will be complete this year and residential units are “close to 100% sold.”
“Our commitment to this project since purchasing the Mady Collier assets has never wavered,” Rathore said. “In addition to the amount paid to purchase the Collier Centre, Fortress Collier has invested to-date an additional $5 million into the project. Fortress Collier will only realize profit on the project should the sale price exceed the amount of outstanding principal and interest owed under the mortgage given to the Mady Collier syndicated mortgage lenders.”
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