6511 Sussex Heights Development Ltd., Minoru Square Development Limited Partnership, and Minoru View Homes Ltd., Receivership

6511 Sussex Heights Development Ltd. (“6511 Sussex”), Minoru Square Development Limited Partnership (“Minoru LP”), and Minoru View Homes Ltd. (together with Minoru LP, “Minoru”), which own development projects in the Greater Vancouver Area, were placed in receivership on December 13 on application by KingSett Mortgage Corporation, owed approximately $221 million.

Since September 2024, 6511 Sussex and Minoru have failed to make monthly interest installment payments to KingSett. 6511 Sussex owns the “Highline” project, a 48-storey mixed-use tower located in Burnaby, BC that completed construction in late-2023, while Minoru owns development land that is intended to be used to develop a 429-unit multi-tower project known as “Minoru Square” in Richmond, BC.

Both projects were developed by Burnaby-based real estate developer Thind Properties, whose “District Northwest” project was also placed in receivership in November.

KSV is the receiver.

Counsel is Osler for KingSett, Bennett Jones for the receiver and Richards Buell Sutton for the companies.