People Space: Goodman leaves Dundee, Ehrlich retires as CAPREIT CEO

Managing Editor
  • Jan. 3, 2019
IMAGE: David Ehrlich has retired as CEO at CAPREIT. (Image courtesy CAPREIT)

David Ehrlich has retired as CEO at CAPREIT. (Image courtesy CAPREIT)

Our first People Space of 2019 features (among numerous appointments) a couple of significant departures, with Mark Goodman leaving Dundee Corp., and David Ehrlich retiring as CEO of CAPREIT.

The departure of Goodman from the role of family-run Dundee Corp.’s (DC-A-T) president was announced Jan. 3 in a brief press release. The company said his duties related to the resources portfolio and merchant capital activities would be split among other members of the executive team.

“On behalf of the board of directors and fellow members of the executive management team, I would like to thank Mark for his dedication and contributions to Dundee Corporation,” said Jonathan Goodman, chairman and CEO, in the release. “We would also like to wish Mark the best in his future endeavours.”

Mark Goodman had also served as chief operating officer, executive vice-president and a director of the firm, which was founded by his father Ned Goodman.

Dundee operates diverse business lines in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. It also holds, directly and indirectly, a portfolio of investments in these key areas, as well as other sectors.

Ehrlich retires as CAPREIT CEO

Ehrlich has been involved in CAPREIT (CAR-UN-T) since the trust’s inception in 1996, and played a major role in its merger with ResREIT in 2004. His retirement was effective Dec. 31, but Ehrlich is staying on as a member of its board of directors.

In 2014, he helped lead the formation of CAPREIT’s Irish venture, Irish Residential Properties REIT Plc. As its first CEO, Ehrlich oversaw IRES’s development into Ireland’s largest multi-residential apartment owner, growing its portfolio from about $58 million to more than $1 billion in assets.

He was appointed CEO of CAPREIT in 2017 following the death of Thomas Schwartz.

“I remember asking David to assist us in creating Canada’s first apartment REIT,” said Michael Stein, chairman of the board of directors of CAPREIT, in a release. “Then a practising lawyer, David was one of the few experts in Canada’s nascent REIT industry. Since our initial public offering, he has never failed to put CAPREIT first.”

“It has been an honour to have been involved with CAPREIT in various roles since its inception more than 20 years ago, particularly ending by serving as CEO, and to have watched the company’s tremendous growth and success,” Ehrlich said in the release. “I am proud of all CAPREIT has accomplished and look forward to its continuing success.”

This announcement came just days before CAPREIT announced a transformative transaction with European Commercial REIT for 41 European properties valued at $634 million. That deal will result in the formation of a new entity called ERES (replacing ECREIT), which the trusts say will be Canada’s first European-focused, multi-residential REIT.

CAPREIT will be its majority shareholder with 81 per cent of its shares.

CAPREIT is a growth-oriented investment trust owning interests in 51,743 residential units, comprised of 45,151 residential suites and 32 manufactured home communities comprising 6,592 land lease sites, located in and near major urban centres across Canada and The Netherlands.

Markovic to head up new PMA Urban

PMA Brethour Realty Group has launched a new division called PMA Urban, and named industry veteran Chris Markovic as president. A creative and results-driven real estate industry marketer, Markovic brings 25 yers of leadership experience and a market research intelligence background.

He has served in various management and sales positions, most recently with Dundee 360 (Sotheby’s International Realty), Colliers International (Canada) and The Minto Group. Markovic is a York University/Glendon College, B.Ed. and B.A. graduate, and is active with the Urban Land Institute Young Leaders Mentorship Program in Toronto.

PMA Brethour offers real estate sales services for new low-rise homes and condos, resale homes, resorts and retirement communities, market research, planning and development consulting services, land sales and services, professional sales training and education, mystery site shops services and TAPS technology in partnership with SmartTouch Technologies.

The company, headquartered in Markham, Ont., also has offices in Toronto, Calgary and Ottawa.

Laing joins CMHC board

Gordon J. Laing has joined the board of directors at the Canadian Mortgage and Housing Corp.

Laing, president and CEO of Southwest Properties Limited in Halifax, will serve a four-year term. Southwest Properties is a leading developer of residential and commercial property in Atlantic Canada and the largest, privately owned developer of multi-family residential properties in the Halifax region.

He brings more than 30 years of experience in finance across a variety of industries. Laing is a Certified Professional Accountant and in 2006 was awarded Fellow of the Society of Management Accountants of Canada.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers housing research and advice to all levels of Canadian government, consumers and the industry.

Beckette president of new M3 Ventures

M3 Group has created an M3 Ventures division and appointed Mortgage Alliance founder and president Michael Beckett division president. M3 Ventures is being created to assist its brokers in expanding the group’s reach, and building and securing traditional and non-traditional partnerships, the company said in a release.

Beckette has been instrumental in providing technology tools, and enhancing the brand’s ability to evolve Mortgage Alliance’s operating model across all platforms.

In related moves, Verico president Albert Collu has been appointed president of M3 Mortgage Operations across all brands under the M3 Banner. Joe Pinheiro, VP of sales for Mortgage Alliance, has been appointed its chief operating officer.

M3 Group comprises four divisions: M3 Mortgage Brands, which includes Mortgage Alliance, Invis, Mortgage Intelligence, Verico, and Multi-Prêts Hypothèque; M3 Insurance, which includes SimplInsur and SimplAssur; M3 Tech including MortgageBOSS 5.0 and M3 Innovation Labs; as well as M3 Ventures.

The M3 Group says it is the No. 1 non-bank mortgage originator across Canada, with more than 6,000 brokers and $44 billion in annual loan volumes.

Silber retires from Street Capital board

Street Capital Group Inc. (SCB-T) announced Allan Silber will retire from the board of directors, and has tendered his resignation after more than 30 years with the company. Silber will continue to serve on the board of directors until a new chair can be appointed.  

Street Capital Group Inc. operates through its wholly owned subsidiary, residential mortgage lender Street Capital Bank of Canada. Street Capital Bank of Canada offers high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top-tier financial institutions or holds them on balance sheet.

Leith joins Cassels Brock as partner

Ben Leith has joined Cassels Brock as a partner in its national real estate and development group in Toronto, providing mortgage transactions services including credit tenant financings, syndicated bank facilities, project financing and traditional mortgage lending.

Leith has acted on credit facilities securing real and personal property, acquisition financings, asset-based loans, project financings, debt restructuring, high-yield bond offerings and private equity investments.

Don is a veteran editor and journalist with four decades of experience in print and online news, including 20 years at the Ottawa Sun. Prior to joining RENX, Don was…

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Don is a veteran editor and journalist with four decades of experience in print and online news, including 20 years at the Ottawa Sun. Prior to joining RENX, Don was…

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