Baiocchi Ventures placed in receivership over Toronto and Orono properties

Baiocchi Ventures Inc., the owner of a commercial building at 15 Curity Avenue in Toronto and a residential property at 8318 Maynard Road in Orono, was placed into receivership on June 29, 2026, on application by Alterna Savings and Credit Union Limited, owed approximately $9.9 million.

Baiocchi Ventures is an Ontario corporation controlled by Aldo Baiocchi. Its principal asset is a 57,086 square foot industrial building containing office and warehouse space in Toronto’s East York area. Alterna advanced a $10 million mortgage loan under a March 31, 2023 commitment letter, with a 5-year term, 25-year amortization, a 6.37% interest rate and monthly payments of approximately $66,196. The loan was secured by a first-ranking mortgage over the Toronto property, assignments of rents and leases, a general security agreement, an assignment of term deposits and personal guarantees from Aldo and Yeganeh Baiocchi.

The company’s financial problems followed the failure of Daymak Inc., its principal tenant and another company controlled by Aldo Baiocchi. Daymak was placed into receivership and deemed bankrupt on May 23, 2025. Baiocchi Ventures made its last regular principal and interest payment on September 2, 2025, followed by a payment of only $33.71 on October 8. Alterna also alleged that Baiocchi Ventures breached its loan documents by granting two additional mortgages without its consent: a $3 million charge registered on May 27, 2025 in favour of 1000097226 Ontario Ltd., a company directed by Yeganeh Baiocchi, and a $1.2 million charge registered on June 23, 2025 in favour of a group of other lenders.

Alterna demanded repayment by February 8, 2026 and issued a further demand requiring payment by March 20. No payment was made. Instead, counsel for Baiocchi Ventures and the guarantors advised that the company and its tenants would not surrender possession peaceably and requested at least two months to seek refinancing. Alterna said it had not received a current rent roll or copies of the leases and lacked visibility into the property’s tenants, management and insurance.

Albert Gelman is the receiver. Counsel includes Miller Thomson for Alterna, Cassels for the receiver, and Aird & Berlis for Holloway Trading Corporation, which holds security against the Orono property.