9265988 Canada Corp. (the “Company") owned real property in Richmond Hill that is intended to be developed into 178 stacked townhomes. There was approximately $20 million in mortgages registered against the property.
We were appointed receiver over the Company’s property. We engaged a realtor to list the property. The receivership commenced at the beginning of the pandemic which was a massive initial shock to the real estate industry. The realtor did not generate an offer significant enough to repay the mortgages on the property. We did not accept any of the offers presented by the realtor, convinced the mortgagee to be patient and ultimately, approximately three months later, received an offer sufficient to repay the lender in full.