72 James Investments Inc., the owner of real property municipally known as 72-76 James Street North, Hamilton, Ontario, and Forge & Foster Holdings Inc. and Clifton Blake Partners LP, the beneficial owners of the property, were placed into receivership on February 26, on application by Forgestone Mortgage Fund LP.

The property is a 32-unit multi-residential apartment building, with 29 residential units and 3 commercial units.

In January 2022, Forgestone loaned approximately $5.7 million to the company. There have been numerous defaults under the loan, including a default in a payment due on January 1 which remains unremedied. The loan matured on February 1, and the entirety of the amount owing is now due.

The principal focus of the receivership proceeding is to continue a sale process for the property that was commenced by the company prior to the receivership.

KSV is the receiver.

Counsel is Paliare Roland for the receiver and Blaney McMurtry for Forgestone.

By: Dina Milivojevic