2507448 Ontario

2507448 Ontario, a Toronto, Ontario-based company had its property municipally known as 581 Wellington Street West in Toronto, Ontario placed in receivership on May 3 on application by First Source Financial Management, owed approximately $3.5MM. The property is currently under construction, although construction has stalled since approximately July 2018 due to the company's inability to obtain additional financing; a second and third mortgage, together totaling approximately $2.8MM, are also registered against the property. The company's principal, Del Terrelonge, advises that he requires an additional $600.0M in further financing in order to complete his intended construction project. RSM was appointed receiver. Counsel is Paliare Roland Rosenberg Rothstein for the applicant and Torkin Manes for the receiver.