260 High Park Limited Partnership et al., Receivership

260 High Park Limited Partnership et al., the owners of lands municipally known as 248 and 260 High Park Avenue, Toronto, were placed into receivership on May 27 on application by Meridian Credit Union, owed approximately $42.3 million.

The lands were being converted from a church into a 70-unit residential condominium. Construction liens totalling over $14 million have been registered against title to the lands in breach of the credit agreement with Meridian.

In addition, the companies have failed to fund cost overruns or to complete the construction project as required. Meridian has lost confidence in their ability to manage and complete the project.

EY is the receiver.

Counsel is Gowling WLG for Meridian, Clyde & Co for the companies, Chaitons for Westmount, Robins Appleby for Fiera, Beard Winter for Dolente Concrete & Drain Company and WeirFoulds for Clark Construction Management.