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- Alvaro Developers Inc. et al.
Alvaro Developers Inc. et al.
Alvaro Developers Inc. et al., the developers of a residential development comprising 10 townhomes and two condominium units in Calgary, Alberta, were placed in receivership on December 6, on application by Bancorp Financial Services Inc. and certain related entities (collectively, "Bancorp"), owed approximately $4.7 million as at August 19. In 2019, Bancorp advanced a $5.35 million loan to the company as first mortgage construction financing for the development. The company first defaulted on the loan in August 2021, and has since defaulted on a forbearance agreement, including by failing to make payment when due, permitting charges to be registered against the development, permitting substantial property tax arrears to accrue and failing to pay insurance premiums on the development. In September 2022, construction on the development halted. The fencing surrounding the development has been compromised, in part due to the company's failure to pay the fencing company, leading to individuals seeking shelter in the parkade and completed units. There is an accepted offer from 1188716 B.C. Ltd. to purchase the development. However, clear title could not be conveyed without a court order on account of the registered charges. A&M was appointed receiver. Counsel is Torys for the receiver and Fasken for Bancorp.