3803 DSW TAS LP et al., Receivership

3803 DSW TAS LP et al., which own the real property located at 3775-4005 Dundas Street West, Toronto, Ontario, were placed in receivership on March 6 on application by Cameron Stephens Mortgage Capital, owed approximately $17.5 million.

The property is vacant land that is not currently in development.

In mid-2021, the company halted redevelopment work at the property and decided to sell it. Cameron Stephens has extended the loan on three occasions between 2021 and 2024 to provide the company with sufficient time for a sale, but the company has not sold the property.

In 2022, working with Colliers as broker, the company made an agreement to sell the property for approximately $38 million but the sale was not completed.

The company has defaulted on a payment schedule under the most recent amendment to the mortgage agreement.

TDB is the receiver.

Counsel is Lenczner Slaght for Cameron Stephens and Davies for the company.