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Canada ICI to acquire Toronto's Lorne Capital Group

Move aimed at expanding firm's presence in Greater Toronto Area and Ontario

From left, Tyler Veres, director of mortgage origination; Owen Armstrong, mortgage analyst; Saeid Khan, vice-president of origination and strategic initiatives; Brody Cross, senior director of mortgage origination; and Mackenzie Myles, senior director of mortgage origination, formerly of Lorne Capital. (Courtesy Canada ICI Capital Corporation)

Commercial mortgage broker Canada ICI Capital Corporation is acquiring Lorne Capital Group, a move aimed at growing its presence in the Greater Toronto Area.

The move, which is effective as of June 1, will help scale up Canada ICI’s reach in the CMHC-insured space and to CMHC-insured borrowers in the Toronto area, according to a release issued by the firm.

The acquisition will help establish “institutional quality loan opportunities” as well, it continues.

“The goal has always been to lead with innovation and integrity, and the addition of Lorne Capital’s team is a testament to this,” Saeid Khan, vice-president of origination and strategic initiatives at Canada ICI, said in the release. “Their expertise will be instrumental as we continue to drive value in the commercial mortgage financing landscape in Eastern Canada.”

Lorne Capital, which has performed debt financing for commercial real estate, was founded in 2023 according to the company’s LinkedIn page. In an email exchange with RENX, a Canada ICI spokesman said Lorne Capital operated out of a downtown Toronto office and has focused on the GTA and Ontario market.

Canada ICI’s presence

Among the staff joining Canada ICI from Lorne Capital is Mackenzie Myles, now senior director of mortgage origination at Canada ICI, and mortgage analyst Owen Armstrong.

Lorne Capital has a staff of four at its Toronto office, including three brokers and an underwriter. The group has closed nearly $3 billion in debt transactions and has advised on over $6.5 billion in activity, the spokesman told RENX.

Edmonton-headquartered Canada ICI Capital Corporation finances over $9 billion in loans per year, according to its website, with experts in nine cities across the country.

Projects the company helped finance include the EPCOR Tower in Edmonton and the Staywell Manor Village retirement facility in Calgary.

Canada ICI's business lines include mortgage originations and asset management.

It has operations in Alberta (Edmonton, Calgary, St. Albert), Ontario (Toronto, Ottawa), Quebec (Montreal), British Columbia (Vancouver, Victoria) and Manitoba (Winnipeg).

It opened a Vancouver office in 2022 to expand its presence in B.C. Canada ICI's platform infrastructure is well set up to on-board new and existing brokers, managing partner Brandon Kot told RENX.

“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,” he said in a previous interview.

Canada ICI says acquiring Lorne Capital will benefit its clients in the Toronto market and represents a “strategic alignment of expertise and culture.”

“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, the former CEO of Lorne Capital, said in the release.

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