Commercial property management & real estate investment in Ontario and Atlantic Canada.


About Us

Our primary objective is to provide investors an opportunity to participate in a diverse range of commercial real estate investment opportunities in urban areas of Ontario and Atlantic Canada with superior risk-adjusted returns.

We have a hands-on approach to underwriting and are guided by a disciplined investment strategy.

While we deal in bricks and dirt. our strength is in the relationships that we build with our investors and tenants.

Jonah Bonn

Jonah Bonn is the Managing Director of First Bay and is actively involved in underwriting acquisitions and in managing First Bay’s portfolio of assets.

Jonah is a Registered Professional Planner and a Member of the Canadian Institute of Planners.

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Jonah was formerly employed as the Chief Operating Officer and Principal Broker of Ontario Wealth Management Corporation (“Owemanco”), the manager and administrator of a $200 million private mortgage fund, focusing on short-term (bridge) and construction financing transactions.

Jonah currently serves a member of the Owemanco Mortgage Trust’s credit committee and is licensed as a mortgage broker with the Financial Services Commission of Ontario. He is also a member of the Canadian Mortgage Brokers Association and Mortgage Professional Canada.

Prior to joining Owemanco in 2004, Jonah worked for several years at a land development company based in Ottawa where he was responsible for managing the finances and planning functions for a portfolio of urban development parcels. Before that, he was employed as an auditor at KPMG Chartered Accountants LLP in Toronto.

Jonah served on the Board of Directors of the Independent Mortgage Brokers Association of Ontario from 2009 to 2014. Jonah attended the University of Ottawa from 1992 to 1997 where he earned a B.Sc. and B.A.. He went on to earn a Master’s degree in Management and Professional Accounting from the Rotman School of Management at the University of Toronto in 1999.  Jonah now resides in Ottawa with his wife and two young children.


Brian Gold

Brian Gold is a partner and general counsel to First Bay.

He is involved in overall strategy for First Bay and its transactions and structuring from a legal and business perspective, in addition to providing legal and business advice on acquisitions.

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Brian formerly practiced real estate law in Ottawa in a firm where he was also managing partner.

Brian entered the business world in 1989 when he joined with 2 other partners to grow Huneault Waste Management Ltd. (“Huneault”) into an integrated waste management firm with a licensed landfill and transportation fleet. Huneault was sold in 2000 to what is today BFI.

From 2000 until he joined First Bay Brian acquired and managed investment properties for a close network of business associates and family.

Brian chaired the Temple Israel (Ottawa) Foundation for 8 years. He also served on the boards of the Rideau Waterway Land Trust and Dance Collection Danse a national dance archive and publishing organization.

Jonah and Brian have collaborated on several real estate transactions over the past 13 years with a focus on community retail plazas, multi-tenant light industrial buildings and suburban land development.

Mustafa Terai

Mustafa Terai serves as our property accountant and analyst.

In addition to performing the daily accounting functions for First Bay’s portfolio of real estate investments, Mustafa assists with property management duties.

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Mustafa formerly worked at Smart & Biggar, one of Canada’s largest intellectual property law firms, where he was employed in various sectors of their finance department, including financial planning and analysis and accounts payable. Mustafa also assisted in the development, implementation and testing of the firm’s new accounting software.

Prior to his role at Smart & Biggar, Mustafa was a bookkeeper at UBM Tax Associates where he maintained the financial records of various small-business clients and assisted with financial statement presentation and tax filing.

Mustafa moved to Canada in 2013 from Bangalore, India where he earned a Bachelor’s degree in Commerce with a major in Accounting from Jain University. Mustafa also completed the Business Accounting program at Algonquin College (with honours) in 2015 and is currently working towards obtaining his CPA designation.

The corner of Richmond Road & Winona Ave in Westboro Village
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