The Company owned real property in Ottawa, Ontario. The Company intended to develop a student residence on the site. The Company owed KingSett Mortgage Corporation (“KingSett”) approximately $8.5 million.
On application by KingSett, KSV was appointed receiver by the Court over the real property and related assets. KSV ran a two-month sale process. We received multiple offers to purchase the property and closed a Court approved transaction that repaid KingSett in full.