Around Town - Calgary Herald, 23.01.2007

Tod Hughes, president of Avison Young Commercial Real Estate (Alberta), has introduced a new initiative called JayCap Financial. It's a joint venture established between the partners of Avison Young and Jeffrey Lastiwka, an Edmontonian with more than 15 years experience in the finance industry and a further decade of direct involvement in the management of private mortgage banking and investment finance, who will act in the role of president.

Primarily a lender of first mortgages through a mortgage investment corporation referred to as JayFund, Hughes says it will target high-quality, short-term real estate loans on an interest only basis for terms not to exceed 18 months.

And Melton and Graeme Young, senior partners with Avison Young, have taken a leadership role in the new firm and will participate as members of the board of directors and credit committee, responsible for the evaluation of recommended loan applications.

Consistent with Avison Young's long-range business plan that includes expansion of its business platform with a variety of real estate and financial services for clients, JayCap Financial also provides an investment vehicle for its partners.

Its target is to raise $20 million in the first year of operation and expects its portfolio to be around $100 million within three to four years.

Article written by David Parker, Calgary Herald Business Writer, and reprinted with permission. The Calgary Herald. All Rights Reserved.