Receiver appointed over North York mixed-use portfolio amid $14 million default

Normandy 293 Maplehurst Inc., Normandy 295 Maplehurst Inc., 288 Sheppard Inc., and 2646214 Ontario Ltd., affiliated Ontario corporations that own and operate a cluster of income-producing properties in North York, were placed into receivership on February 24, 2026 on application by RPN Finance Corp. and affiliated lenders, including Peter Jeewan, 2742695 Ontario Inc., Robert Pauls, and Joseph Berljawsky. The receivership extends to a portfolio of properties located at 293 and 295 Maplehurst Avenue and 280, 288, and 294 Sheppard Avenue East, together with a related property at 287 Maplehurst Avenue owned by principal Nawar Mahfooth. The properties are multi-tenanted buildings comprising residential units, retail stores, and restaurant space leased to a mix of commercial and residential tenants, generating rental income across the portfolio.

The portfolio was financed through a series of mortgage loans advanced between 2020 and 2022 by RPN and other lenders. By June 2025, the borrowers had defaulted under the mortgage facilities. The defaults included failure to repay the loans at maturity and ongoing non-payment despite formal demands. The lenders are currently owed in excess of $14 million, plus accruing interest and costs.

The situation was compounded by a failure to pay property taxes for several years and Deterioration or lack of maintenance at certain properties, triggering mortgage covenants. These factors led the lenders to conclude that a receivership appointment was required to preserve value and enforce their security.

In addition to the primary secured debt, title searches disclose subordinate charges totaling approximately $4.21 million in favour of AARTI Real Estate Enterprises Inc. and Mayuri Ventures Inc., along with other prior-ranking encumbrances on certain parcels, including The Bank of Nova Scotia and Addison Wealth Management Inc.

TDB Restructuring is the receiver. Counsel is RSG LAW for RPN, BE Law for the companies, and Chaitons for the receiver.