The lands and project were being converted from a church into a 70-unit residential condominium. Construction liens totalling over $14 million have been registered against title to the lands in breach of the credit agreement.
In addition, the companies have failed to fund cost overruns or to complete the construction project as required.
On May 27th both 248 and 260 High Park Avenue, Toronto, were placed into receivership on May 27 on application by Meridian Credit Union, owed approximately $42.3 million. Meridian has lost confidence in their ability to manage and complete the project. EY is the receiver.
