February 12, 2020
9265988 Canada Corp., a Toronto, Ontario-based that owns the property municipally known as 201, 227 and 235 King Road, Richmond Hill, Ontario, was placed in receivership on February 12 on application by MarshallZehr Group, owed together with other lenders approximately $19.0 million. Dream Maker Developments, the property's developer, was planning to construct 178 stacked townhomes on the property to be known as "Yonge & King Urban Towns". Since the loan was advanced to the debtor in the summer of 2018, however, there has been little progress on the development. No construction has commenced, and the debtor is still in the process of obtaining site plan approval. The lenders have not received a payment since October 2019 and the debtor has provided no information to suggest that it will be in a position to repay the loan on its maturity date. KSV was appointed receiver. Counsel is Chaitons for the applicant and the receiver.