When Jawad Rathore and Vince Petrozza of Fortress Real Developments teamed up with Tariq and Saud Adi of ADI Development Group last spring, they had a vision to create a Burlington condominium that was both contemporary and affordable.
“When we saw the vision that ADI had for Mod’rn, we were very excited about it” said Rathore, CEO of Fortress Real Developments. “We saw a well-priced project that was the right size to be attractive to a bank lender partner. That’s very key for us… we do projects that attract major investment from bank and mortgage lenders to bring the projects to completion.”
Fortress brought their development expertise to the project and worked closely in conjunction with ADI’s team of planners, engineers and architects. Additional equity monies were provided through the Fortress Real Capital syndicate mortgage investment product, offered by a network of licensed agents in concert with referral bases from financial advisors and other professionals.
The developers worked their magic and The Mod’rn became the fastest selling condo project in Burlington, as the project was nearly sold out within three hours of opening to the public.
As a final mark of success, the developers recently announced that they’ll receive a $15 million construction loan from Cameron Stephen Mortgage Capital Ltd, a commercial mortgage lending company with over $400 million of proven exits.
“Mod’rn made sense for us and our institutional clients because of all the strong pieces brought together,” said Steve Camp, the Senior Vice President of Cameron Stephen, who praised both developers for their business and financial expertise. Their knowledge, coupled with strong pre-sales was all the motivation the mortgage lender needed to invest.
The 78-unit building will be located on the Guelph Line. With an elegant lobby, ultra-modern party room and spacious rooftop terrace complete with a BBQ area and sundeck, we’re not surprised buyers scrambled to purchase a unit.
“A lot of people think that high design and good architecture can only be found in big urban centres like Toronto,” said Tariq Adi, the CEO and President of ADI. “With my brother and business partner Saud, our vision with Mod’rn is to bring style and chic to Burlington better than anyone.”
LINK, located at Dundas Street and Sutton Drive, will boast a central courtyard with lounging areas and is near a scenic natural ravine. Prices for available condos and townhomes start in the $170,000s.
The Link Condos + Towns garden rendering.
For more information on LINK Condos + Towns call 905 592 2028.