154 Shuter Street, Receivership

The property municipally known as 154 Shuter Street in Toronto, Ontario, was placed in receivership on May 13 on application by a group of first mortgage lenders owed approximately $1.7 million.

Located between Pembroke Street and Sherbourne Street, the three storey building contains four apartments and was originally constructed in 1910 as a coach house for the Rosar Funeral Home to accommodate horses and carriages.

The receivership order was granted over the objections of BMO, the second mortgagee owed approximately $1.2 million. BMO wanted the property to be sold through power of sale proceedings to minimize costs. The court, however, felt that a receiver, with the court’s assistance, would be more readily able to ensure vacant possession and also be more able to deliver clear title to a buyer through a court approval and vesting order.

Rosen Goldberg was appointed receiver. Counsel is Dickinson Wright for the applicants and Rubenstein, Siegel for BMO.

By: Dina Milivojevic