2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc., Receivership

2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc., which own 80 acres of development lands in Peterborough, Ontario, were placed into receivership on May 31 on application by MarshallZehr Group Inc., owed approximately $53 million in respect of servicing and construction loans advanced by MarshallZehr.

The property was being developed into a community that was to include over 100 homes, office and retail commercial space, a self-storage facility, and retirement residences, but construction and development on the project have been stalled for over a year due to the companies running out of money. The loans from MarshallZehr have been in default since the spring of 2022.

The companies have been trying to sell the lands en bloc or piecemeal since July 2023, and have been working with commercial brokers to find potential developers to buy one or more of the land parcels. To date, the companies' efforts have not yielded any meaningful sales.

TDB Restructuring is the receiver.

Counsel is Chaitons for MarshallZehr.