Cacoeli Whitby LP, Receivership

Cacoeli Whitby LP, owner of the property municipally known as 132 Brock Street North and 146 - 152 Brock Street North, Whitby, Ontario, was placed in receivership on August 30 on application by Cosman Mortgage Holding Corp., owed approximately $3.8 million.

The property is in downtown Whitby and has a number of tenants, including a residential tenant, a coffee shop, a hotel, an automobile garage and others.

The borrowers had been trying to rezone the property to permit a seven story building, but to date had not been successful and defaulted on its loan by, among other things, failing to pay the monthly amounts due and failing to repay the loan on maturity.

Pollard & Associates was appointed receiver.

Devry Smith Frank is counsel for the applicant.