February 16, 2023
Southview Gardens BT Ltd., Southview Gardens Limited Partnership and Southview Gardens Properties Ltd. (collectively, "Southview Gardens"), Vancouver, British Columbia-based real estate companies, were placed in receivership on February 16, on application by Peakhill Capital Inc. In October 2020, Peakhill provided Southview Gardens with a demand facility mortgage loan for $50 million in relation to an apartment building located in Vancouver. Southview Gardens has defaulted on the loan, including by allowing an additional mortgage to be registered against the land without the consent of Peakhill, failing to pay a monthly interest installment to Peakhill, and failing to pay the full balance of the loan due on January 1, 2023. Each of the Southview Gardens entities is an affiliate of Coromandel Properties Ltd. which, along with dozens of other affiliates, filed for CCAA protection earlier this month. The Southview Gardens entities have since been removed from the proposed CCAA proceedings to allow Peakhill to appoint its own Receiver (KSV). Osler is counsel to Peakhill and Cassels is counsel to the Receiver.
By Dina Milivojevic