August 1, 2019
Ideal (JS) Developments, a single purpose corporation related to Markham, Ontario-based real estate developer, Ideal Developments, was placed in receivership on August 1 on application by Vector Financial Services and Downing Street Financial, together owed approximately $15.4 million. The corporation owned vacant land in Richmond Hill, Ontario on which it was planning to develop a 96 unit townhouse project. Construction had not yet begun when the company's loan with the applicant matured in October 2018. Despite several extensions, the company has been unable to obtain construction financing or take-out financing. Fuller Landau was appointed receiver. Counsel is Blaney McMurtry for the applicant, Friedman Law for the company and Aird & Berlis for the receiver.