Earlier this month we reported that Frank Margani was set to leave MCAP, an independent mortgage financier, for Fortress Real Developments.
Today it was made official, as Fortress circulated a press release announcing that Margani was joining their team as Executive Vice President, Strategy and Development.
He will assume his role at the rapidly expanding Richmond Hill-based real estate developer on May 13th.
“Frank is one of the most sought-after experts in the industry,” said Jawad Rathore, President and CEO, Fortress Real Developments. “His knowledge of high value real estate development projects and underwriting will help Fortress strengthen our developer and builder client relationships and expand our footprint in Canada.”
“One of Frank’s primary responsibilities,” Rathore continued, “will be designing and securing the full capital stack and all important bank and lender construction financing for the numerous projects we’re involved in. Frank’s addition expands our all-star team and reinforces our position as the industry leader in the Canadian real estate development market.”
Margani is the second big industry player to be scooped up by Fortress this year. Ben Myers left his post at Urbanation earlier this year to take over as Fortress’ Senior Vice President, Market Research and Analytics.
Looks like Fortress is really winning 2013 so far. Who will they pick up next?