111 Sherwood Investments Inc., the owner of a 10-acre multi-tenant site in Brantford, Ontario, was placed in receivership on April 19 on application by NHE Capital Corp., owed approximately $12.4 million.

The property is home to a number of industrial buildings that collectively comprise approximately 197,914 square feet of leasable space and have a variety of acceptable uses, including retail, office, flex and industrial.

The loan matured without payment over a year ago on April 1, 2023. The receivership application was originally returnable on July 4, 2023, but NHE Capital agreed to forbear subject to certain terms.

The company defaulted on the forbearance agreement by failing to pay interest on February 1, 2024 and subsequently failing to pay back the loan on April 1, 2024.

NHE Capital sought the appointment of a receiver to manage the property and conduct a sale process.

KSV was appointed receiver.

Counsel is Dickinson Wright for NHE Capital and Bennett Jones for the receiver.

By: Dina Milivojevic