Building and Development Mortgages Canada Inc. (BCMC) has announced that lenders in a syndicate mortgage that funded Toronto’s King Charlotte condominium, a joint project from Lamb Development Corp. and Fortress Real Developments Inc., received their principal back in full as well as an estimated total return of 48.69 per cent, including eight per cent per annum over six years.

King Charlotte is a 32-storey, 232-unit condominium apartment project located in Toronto’s King West district. The 9,646 square foot site was acquired in October 2010. The development was designed by Peter Clewes of architectsAlliance, with interiors by II by IV Design. Following a successful sales launch in 2011, construction began in fall 2012, allowing occupancy to start in late 2015. The building’s registration was granted last month.

“Brad Lamb and his team have a proven track record for developing successful condominium developments,” said Vince Petrozza, COO at Fortress, in a press release. “We are proud that Lamb and Fortress have provided a healthy return on investment to their lenders, and in turn, helped many young families achieve their goal of home ownership in Toronto’s vibrant downtown core.”

“King Charlotte is a perfect example of a well analyzed real estate opportunity which combined a strong market, an experienced developer and well purchased land,” said BDMC principal Ildina Galati. “We are pleased that syndicate mortgage lenders have benefitted from this well-executed real estate transaction.”