Aurora Mills Business Park owner placed into receivership

On January 23, 2026, the Ontario Superior Court of Justice (Commercial List) appointed Albert Gelman Inc. as receiver and manager, without security, over all of the assets, undertakings, and properties of 2352107 Ontario Inc., including the real property municipally known as 175 Melvin Robson Avenue in Aurora, Ontario, following an application by Windsor Private Capital Limited Partnership and Windsor II Limited Partnership under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act.

The debtor is the registered owner and nominee of a multi-phased mixed-use commercial development known as the Aurora Mills Business Park. Phase 1 consists of a retail plaza on Block 1 and 24 industrial condominium units on Blocks 5 and 6, while the remaining blocks are vacant land intended for future development. Legal title is held by the debtor as nominee for two beneficial owners, each holding a 50% interest, with Haven Property Services Corp. acting as development manager.

The receivership application followed prolonged defaults and liquidity shortfalls tied to layered construction and development financing. Windsor advanced $25 million in loans between 2017 and 2018, secured by a charge registered against title, which matured in 2019 and remain unpaid. In 2022, National Bank of Canada provided construction financing under demand credit facilities, secured by a first-ranking charge and comprehensive project security. Windsor later participated in the NBC facility and, in January 2026, completed an assignment of NBC’s term facility and related security, leaving Windsor owed approximately $75 million in aggregate exposure.

According to the application materials, the project’s financial position deteriorated sharply in 2024 and 2025 as updated reporting revealed undisclosed construction cost overruns, escalating accounts payable, and significant construction liens. By September 2025, cost overruns exceeded $9 million and projected Phase 1 sale proceeds were no longer sufficient to repay senior secured debt in full. Additional trade payables of more than $700,000 were disclosed after Windsor advanced funds to clear earlier liens, undermining lender confidence in the accuracy of project reporting.

The purpose of the receivership is to realize on the property through a transparent, orderly and court-supervised process that will permit the completion and sale of the existing purchase agreements with a court vesting order and to market and sell the balance of the property for the benefit of the stakeholders.

Albert Gelman is the receiver. Counsel includes Chaitons for the receiver, Torkin Manes for the company, Thornton Grout Finnigan for National Bank of Canada, and Borden Ladner Gervais for Westmount Guarantee Service Inc.