January 13, 2022
Areacor Inc., the owner of property municipally known as 15 Cannon Street West, Hamilton, Ontario, was placed in receivership on January 13, on application by MarshallZehr Group Inc. ("MarshallZehr"), owed approximately $6.9 million. The company acquired the property to develop it as a six-storey condominium project consisting of 40 residential units and commercial space on the ground floor. In 2018, MarshallZehr agreed to provide financing to the company to refinance its existing land loan and provide construction financing for the development. The construction of the development was initially estimated to be completed by November 2019. However, the development experienced significant delays and construction effectively ceased in June 2021. RSM was appointed receiver. Counsel is Chaitons for MarshallZehr and RAR Litigation Lawyers for the company.
By Dina Milivojevic