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BulkCondoDeals.com enters into exclusive joint venture with Canada-based PMA Capital Solutions to capitalize on oversupply of condos in Toronto, Ontario and other Canadian provinces
TORONTO & OTTAWA, Ontario & CALGARY, Alberta & MIAMI–(BUSINESS WIRE)–
Following the recent successful launch of BulkCondoDeals , the bulk condo marketplace has entered into its first international joint venture with PMA Capital Solutions to capitalize on growing seller inventory and investor demand for bulk condo portfolios in Canada.
While New York and Miami are two of the leading condo markets in the US, Toronto has been the leading city in North America for new condo production, with 68,000 units sold in the last three years and over 70,000 units currently under construction. In order to secure this international developer inventory for the bulk condo marketplace, the Company has entered into an exclusive partnership with PMA Capital Solutions, the capital markets division of PMA Brethour Realty Group (PMA). PMA will exclusively represent the Company’s interests in Canada and will secure listings for the bulk sale of condo units initially in the Toronto, Ontario market and subsequently throughout Canada in Ottawa, Montreal, Halifax, Winnipeg, Calgary, Edmonton and Vancouver.
A parallel process will be employed to secure Canadian investors for both Canadian portfolios and the other active listings on the marketplace. The focus will initially be geared towards existing condominium inventory, and later expanded to new construction launches and bulk pre-sales at the front end of the development process.
“Through our extensive national contacts across Canada, PMA will secure inventory from leading Canadian developers and financial institutions, opening up major Canadian condo product to both US and Canadian professional investors. Furthermore, a $.78 Canadian dollar provides a significant initial advantage,” stated PMA Founder and Chairman, Andrew Brethour. “The ability to post deals confidentially, allowing sellers to maintain their retail sales channels and avoid any misconception or appearance of distress to the financial markets was a key factor for us in entering the partnership,” he added.
The nature and history of bulk sales in Canada is for the most part an unknown and through this collaboration we are able to bring the Canadian development industry a new and innovative solution. “The primary and critically important difference with this new approach is the confidentiality secured through non-disclosures and withholding deal details before the release of project information,” said Christopher Markovic, PMA’s CEO.
BulkCondoDeals.com is currently marketing bulk deals in condo buildings across the US and select foreign markets. The platform has added over $300 million in bulk assets since the launch last year and is experiencing significant investor demand for the product type. The online platform launched at a time when sales of condos dropped close to 50 percent in some markets.
“We launched the business with the global markets in mind,” stated co-founder and partner Richard Swerdlow. “We are excited about partnering with the experienced condo marketing and sales team at PMA to provide our unique services in Toronto, one of the largest condo cities in the world. The joint venture with PMA is the first of many to support the aggregation of bulk portfolios in the top international condo markets,” he added.
The marketplace capitalizes on a growing global audience of real estate funds, insurance companies, family offices and other institutional real estate investors seeking premium condo assets at exceptional value. “In addition to the current deals showcased on the platform, we have an additional $500 million of bulk opportunities in the pipeline that will be added to the marketplace in the next few weeks to help satisfy growing investor demand. The addition of PMA as a partner will rapidly accelerate the addition of high-quality Canadian inventory,” added Bruce M. Goldstein, BulkCondoDeals, CEO.
BulkCondoDeals.com is a global marketplace where developers and other sellers confidentially post opportunities and investors find curated and verified deals on new and resale bulk condo inventory. Deals are priced with up to 50% discounts to the average price per square foot in the building or zip code based on the most recent sales. There is no fee to post, but there is a performance-based brokerage commission paid at the time of closing.
The marketplace was developed by Bruce M. Goldstein, a successful luxury condo and hotel developer, Richard Swerdlow, founder and CEO of Condo.com; Domain Millwork, an internet marketing and SEO consultancy; AgencyM, a design and digital strategy firm; and a group of real estate finance, web development and internet marketing experts. The new company is privately held and headquartered in Miami, Florida (www.bulkcondodeals.com). For more information, please contact Bruce M. Goldstein ([email protected]) or Richard Swerdlow ([email protected]).
About PMA Capital Solutions
PMA Brethour Realty Group is comprised of diversified member companies which provide specialized services to the building and development industry across Canada. PMA Brethour Realty Group provides a full range of sales and marketing services for new homes, resorts, condominiums and retirement communities on behalf of their builder/developers clients. These services include on-site sales representation, leading edge marketing strategies, authoritative market research, professional sales training, land acquisition assistance and management consulting services. With the introduction of PMA Capital Solutions, the company brings its diverse and experienced background to the bulk sales process throughout Canada, with a focus on securing listings for the volume sale of condo units while engaging in a parallel process to secure Canadian investors for both Canadian product and the active listings with our partners at Bulk Condo Deals.
Founded in 1964 and spearheaded by an innovative and creative management team under the direction of the Chairman, Andrew Brethour, the PMA Brethour Realty Group combines a depth of experience in the building and development industry with leading edge sales and marketing strategies. The Capital Solutions marketplace is operated by Chris Markovic, CEO of PMA Brethour Realty Group. For more information, please contact Andrew Brethour at [email protected] or Chris Markovic at [email protected]
Marketing & Strategic Communications Specialist
T: 905-472-2000 ext 247
Source: PMA Brethour Realty Group