July 3, 2019
Ceana Sunridge, a Calgary, Alberta-based property developer, was placed in receivership on July 3 on application by Hillsboro Ventures, owed over $8.0MM. The company's principal business was the development of a 45,000 square foot, five building, retail condominium project in Northeast Calgary. Since approximately August, 2018, there has been no material progress on the project, as the company's lenders have refused to provide additional financing draws without equity injections that were previously agreed to. Alvarez & Marsal was appointed receiver and is tasked with overseeing the completion of the project. Counsel is Dentons for the applicant, Low, Glenn & Card for the company, Torys for the receiver and Burnett, Duckworth & Palmer for the first lien lender, ConnectFirst Credit Union.