BDO appointed receiver over Burlington lakeshore development site

Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc., the owners of real property municipally known as 2093, 2097 and 2101 Old Lakeshore Road and 2096 and 2100 Lakeshore Road in Burlington, Ontario, were placed into receivership on May 19, 2026, on application by The Toronto-Dominion Bank, the first-ranking secured creditor owed approximately $18.2 million.

The property is undeveloped land earmarked for a proposed 310-unit condominium project. The companies defaulted on their loan from TD, which then delivered formal written demands and section 244 notices on March 4, 2026. The demands were not met, and the notice period under the section 244 notices had expired by the May 19 hearing.

The companies have book value assets consisting of land under development of $36.489 million, cash in bank of $8,940 and receivables of $5,650.

Aside from TD, other creditor claims total $169,096.81, including $65,774.33 owed to the City of Burlington Tax Office, $85,327.27 owed to Miller Thomson, $7,715.66 owed to Goodmans and $1,200 owed to Canada Revenue Agency.

There was no opposition to TD’s application. The receivership plan is to market the property for sale.

BDO is the receiver. Counsel includes Miller Thomson for TD, Lax O’Sullivan for Lucie Andlauer, and McCarthy Tetrault for The Forgestone Guarantors.