2573163 Ontario Inc. et al., the owners of an approximately 0.96-acre development site located in Richmond Hill, Ontario on which the companies intended to construct an 8-storey, 152-unit residential development known as the “Cartier Properties”, were placed into receivership on May 27 on application by Downing Street Financial Inc., owed approximately $6.8 million.

Downing Street initially extended the loan in 2021. The companies and Downing Street have entered into a series of forbearance agreements in respect of the loan, the most recent being in January 2025. The companies have defaulted on the terms of the forbearance agreement by failing to make interest payments when due.

Rosen Goldberg is the receiver.

Counsel is Blaney for Downing Street, Robins Appleby for Spotlight Developments, and Yigal Rifkind for Alleghe Mortgage Fund.