May 4, 2020
Diam Danforth Property Inc., a real estate development company and the registered owner of 2359 Danforth Avenue, Toronto, Ontario (the "Property"), was placed in receivership on May 4 on application by Melvyn Eisen, a secured creditor that advanced $11.5 million to the company pursuant to a commitment letter. The Property is a parcel of vacant land on which the company intended to construct a condo project. However, the project has been stalled since January 2019. In addition to the company's defaults on the commitment letter, the project site is also currently subject to an Order to Remedy Unsafe Building. Rosen Goldberg was appointed receiver. Counsel is Goldman Sloan Nash & Haber for the applicant, Laishley Reed for the company, and Blaney McMurtry for the receiver.