Etobicoke Property Placed in Receivership After Refinancing Efforts Collapse

Hano Investment Ltd., the owner of 30 Baywood Road in Etobicoke, was placed into receivership on September 24, 2025, following multiple failed attempts to refinance a $16.2 million mortgage advanced by National Bank of Canada.

The property is a multi-tenant office property with office, industrial and commercial uses, situated on a site comprising approximately 2.78 acres. There are currently 19 tenants occupying the property.

The site had been leveraged under a May 2023 commitment letter and secured by a first mortgage and general security agreement in favour of National Bank (then Canadian Western Bank). On June 2, 2025, the indebtedness became immediately due and payable, but the borrower failed to repay, defaulting on the loan. After National Bank issued a default notice on February 25, 2025, a short forbearance was granted through April 30, 2025 to allow Hano to refinance or sell the property, but those efforts failed. Subsequent demands and a section 244 BIA notice were delivered in May 2025, and when the debt remained outstanding, the Bank sought the appointment of a receiver in June 2025.

Proceedings were adjourned twice over the summer to permit repayment, with a springing receivership order stipulating that if the loan was not repaid by September 23, the receivership would proceed on consent. With repayment not achieved, Justice Dietrich granted the appointment the following day.

Ernst & Young Inc. is the receiver. Fasken Martineau DuMoulin LLP represents National Bank, Hammond Flesias Law acts for Hano Investment, and Dickinson Wright LLP represents the receiver.