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ARTICLE · 17 OCTOBER 2023

Builder Defaults On Payments Linked To Fortress Real Developments Collapse

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Since 2019, FAAN Advisors Group Inc. (FAAN) has served as the trustee for the syndicated mortgage investors who lost money after the 2018 collapse of Fortress.

CanadaFinance and Banking
Joseph Blinick
Joseph Blinick
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Joseph Blinick was recently featured in an article in theGlobe and Mailabout the default on payments by Sunrise Homes (Sunrise) linked to the collapse of Fortress Real Developments Inc. (Fortress).

Joseph is part of the team at Bennett Jones LLP that represents KSV Restructuring Inc. (KSV), the court-appointed Receiver, to which Sunrise and its related parties—including Sunrise CEO Sajjan Hussain, COO Muzammil Kodwavi—were ordered to repay $10.5 million pursuant to a court-approved settlement.

Since 2019, FAAN Advisors Group Inc. (FAAN) has served as the trustee for the syndicated mortgage investors who lost money after the 2018 collapse of Fortress.

Sunrise had borrowed $8 million (which later became $9.8 million) in 2015 to fund a townhouse project named Unionvillas. In March 2021, Sunrise informed FAAN it would not be able to repay the full amounts, though it did not provide a plausible explanation for the sudden and marked decrease in the expected recovery.

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