Chancery (Oshawa) The Bartlett Limited Partnership and Chancery (Oshawa) the Bartlett GP Inc., Receivership

Chancery (Oshawa) The Bartlett Limited Partnership and Chancery (Oshawa) the Bartlett GP Inc., which were formed for the purpose of developing a 129-suite seniors apartment building in Oshawa, Ontario, were placed in receivership on July 20, 2023, on application by Fiera FP Real Estate Financing Fund, L.P. In late 2020, Fiera provided financing to the companies to fund the development, and construction was completed in August 2021. The companies have committed various events of default under the commitment letter with Fiera, including failing to pay interest when due. Fiera is currently owed the principal sum of approximately $53.3 million. In early June 2023, Fiera received a copy of an LOI with a potential purchaser negotiated by certain entities within the Chancery Group. Fiera had significant concerns about the LOI due to the extended due diligence, closing timeline and deposit refundability provisions, among others. Accordingly, it brought a receivership application to preserve the project and address operational issues and issues related to any sale process efforts. KSV was appointed Receiver, represented by Cassels. Aird & Berlis is counsel for Fiera, Gowling is counsel for Chancery Seniors Housing Investments Inc. and Fred Tayar & Associates is counsel for Hillsport Developments Inc.

By: Dina Milivojevic