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Thornbury townhouse development is in receivership

KSV featured in Collingwood Today: Thornbury townhouse development is in receivership 

The Towns of Thornbury development has fallen into receivership and will soon be sold to the highest bidder.

The prominent development adjacent to the Foodland grocery store has been under construction for several years and was recently placed into receivership by Ontario Superior Court Justice Peter J. Cavanagh. The project’s lenders, Foremost Mortgage Holding Company and Foremost Financial Corporation, asked the court to place the property in receivership after the property’s owner defaulted on mortgage payments.

Foremost says it is owed $8.8 million on the property, with costs and interest continuing to accrue.

In late December, Justice Cavanagh appointed KSV Restructuring Inc. as interim receiver.