1776411 Ontario Ltd., Receivership

1776411 Ontario Ltd., the developer of a phased four-tower residential condominium development known as "Elevate Condominiums" in Kitchener, Ontario, was placed into receivership on October 12 on application by Genesis Mortgage Investment Corporation. Genesis is the junior secured lender in a syndicate consisting of itself and two senior secured lenders, which are collectively owed approximately $19.5 million. The company has defaulted on the loan and a subsequent forbearance agreement. Construction is currently stalled, and it appears that insurance on the project has not been paid since February 2023. KSV was appointed receiver. Counsel is Bennett Jones for Genesis, Loopstra Nixon for the company, Blaney McMurtry for the receiver and Aird & Berlis for the Senior Lenders.

By: Dina Milivojevic