The news has not been made public yet, but MCAP is expected to make an announcement regarding Margani’s departure this week.
For those who are unfamiliar with the company, MCAP is Canada’s leading independent mortgage financing group, specializing in residential mortgages, commercial mortgages and construction loans. At MCAP, Margani’s role included managing a high value portfolio of real estate assets, originating new business and overseeing the underwriting of financial proposals. It has yet to be announced what Margani’s role will consist of at Fortress.
Margani is the second notable industry player to be scooped up by Fortress in the last month. Ben Myers announced last week that he had left his post at Urbanation to take over as Fortress’ Senior Vice President, Market Research and Analytics. There is no word on who will replace Myers at Urbanation yet.
Anyone dismissing this as simply inside baseball chatter should think again. Fortress Real Developments, already a major force in the Canadian development industry, is making even bigger ripples with these two high profile hires. Expect their portfolio of developments in nine Canadian markets to expand very soon.
We will keep an eye on this story and report on further developments as they occur.