485 Logan Developments Inc., Receivership

485 Logan Developments Inc., the owner of certain unsold condominium townhouse units, parking stalls and storage units which form part of a 41 townhouse unit condominium development located in the east end of Toronto, Ontario (which the company built), was placed into receivership on July 24 on application by Romspen Investment Corporation, owed approximately $14.1 million.

Romspen initially advanced funds to the company in 2021. The loan was extended on a number of occasions but ultimately not repaid on maturity on February 1, 2024. The company has not sold any units at the project since September 2024.

Rosen Goldberg is the receiver.

Counsel is Dickinson Wright for Romspen and Friedmans for the company.