2011836 Ontario Corp. and Jefferson Properties Limited Partnership, Receivership

2011836 Ontario Corp. and Jefferson Properties Limited Partnership, which own approximately 2.6 acres of land in Richmond Hill, Ontario, were placed into receivership on December 21, on application by Cameron Stephens Mortgage Capital, owed over $40 million. The land was intended for a development known as “Richmond Hill Grace”, which was to consist of 96 residential units. The project has not been completed, but 79 of the units have been pre-sold. Cameron Stephens is no longer willing to provide financing to fund the construction of the project due to alleged mismanagement and because the cost is now projected to be approximately $5.8 million more than expected. Albert Gelman was appointed receiver. Counsel is Garfinkle Biderman for Cameron Stephens, Paliare Roland for the receiver, Friedman for the companies, Chaitons for Windsor Private Capital and Dickinson Wright for C & K Mortgage Services.

By: Dina Milivojevic