April 20, 2022
Hazelton Development Corporation, a developer of a residential real estate project known as the “Highlight of Mississauga” located at 4064, 4070 and 4078 Dixie Road, Mississauga, Ontario, obtained CCAA protection on April 20. The majority of the 265 planned units in the project have been sold, although construction is at the stage that twelve of the fourteen floors have been constructed, though not finished. Construction was significantly delayed due to pandemic-related shutdowns, labour and supply shortages, and increasing costs. Construction lenders are Meridian Credit Union Limited and Centurion Mortgage Capital Corporation, with Westmount Guarantee Services Inc. providing a Tarion Warranty Corporation Bond and a deposit insurance facility. Total debts are in excess of $80 million. Counsel is Miller Thomson for the company; TGF for the monitor; Simpson Wigle for Meridian; Robbins Appleby for Centurion; BLG for Westmount; and Hodder, Wang for Triumph Eastern Investments (the DIP lender).
By Dina Milivojevic