ECRE Smart Living Hinton Inc., the legal owner of certain properties located in Ottawa (“Hinton Properties”), and three beneficial owners of the Hinton Properties were placed in receivership on October 2 on application by Canada ICI Capital Corporation, owed approximately $41 million.

The Hinton Properties include two apartment complexes as well as commercial rental units.

In 2023, Canada ICI Capital provided a $39 million loan with a maturity date of June 1, 2024. The loan matured without being repaid, and property taxes on the Hinton Properties have not been paid since 2023 notwithstanding that cashflow statements provided by the company indicated that June rents were used to pay property taxes.

BDO is the receiver.

Counsel is Blaney McMurtry for Canada ICI Capital and Perley-Robertson, Hill & McDougall for the company.