Broker inks deal to bolster government lending business in Toronto
Commercial mortgage broker Canada ICI Capital has entered a deal to acquire Lorne Capital Group, aiming to expand its reach in the CMHC-insured space.
The acquisition, effective June 1, is part of Canada ICI’s strategy to strengthen its presence in the Greater Toronto Area and Ontario.
“The goal has always been to lead with innovation and integrity, and the addition of Lorne Capital’s team is a testament to this,” said Saeid Khan, vice-president of origination and strategic initiatives at Canada ICI. “Their expertise will be instrumental as we continue to drive value in the commercial mortgage financing landscape in Eastern Canada.”
Lorne Capital Group, which specializes in debt financing for commercial real estate, was founded in 2023. According to the company’s LinkedIn page, it has operated out of a downtown Toronto office, focusing on the GTA and Ontario market.
A Canada ICI spokesman confirmed to Real Estate News EXchange (RENX) that Lorne Capital has closed nearly $3 billion in debt transactions and advised on over $6.5 billion in activity.
Edmonton-based Canada ICI already finances over $9 billion in commercial loans annually across nine cities. The firm says the Lorne Capital acquisition will help establish "institutional quality loan opportunities" in the GTA.
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“We can enable brokers across the country to leverage our platform to grow their respective production lines, so the experience that you get in Toronto is the same as you’ll get in Winnipeg and the same as you’ll get in Calgary,” Canada ICI Managing Partner Brandon Kot said in a previous interview.
Key personnel joining Canada ICI from Lorne include Mackenzie Myles, the former Lorne CEO now named senior director of mortgage origination at Canada ICI.
"Being acquired by Canada ICI is a strategic evolution on our part, aligning with a partner that shares our values and enhances our capabilities," Myles said.
Canada ICI cites the deal as a "strategic alignment of expertise and culture" that will benefit its clients in the Toronto market. The company has been expanding its footprint, opening a Vancouver office in 2022 to grow its presence in British Columbia.
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