1075 Nelson Development LP et al., Receivership

1075 Nelson Development LP et al., special purpose entities formed to acquire, own and develop real property located at 1075 Nelson Street, Vancouver, British Columbia, were placed into receivership on July 25 on application by RBC, owed approximately $91.2 million.

The companies are controlled by the Brivia Group, a property development company headquartered in Montréal, Québec.

The real property is currently comprised of two vacant apartment buildings, which the companies had plans to demolish and construct a 60-story condominium tower marketed as the "CURV". The apartment buildings were vacated to make way for the project, but demolition has not yet commenced.

RBC demanded on its loan after the companies failed to make a $225,000 extension payment, which made the full amount of the loan due and owing.

Deloitte is the receiver.

Counsel is Dentons for RBC and DLA Piper for the receiver.