Everwood Project builder obtains DIP financing to complete Phase I and stabilize townhouse community project

1281805 B.C. Ltd., the developer behind the proposed Everwood Project, filed a notice of intention to make a proposal on March 26, 2026 under the Bankruptcy and Insolvency Act, following mounting liquidity pressure tied to construction delays and cost escalation at its residential development in Maple Ridge, British Columbia.

The company was incorporated in December 2020 to develop the Everwood project, a 35 unit townhouse community comprised of 3 and 4 bedroom homes. Legal title to the project lands is held through a joint venture structure involving the debtor, Wood Lock Developments Ltd., and another affiliate. Construction is substantially advanced, with 11 Phase I units sold and closed and a further 5 subject to pre-sale agreements pending removal of conditions.

Financial distress emerged as unanticipated construction delays drove higher input costs and extended timelines, straining liquidity and forcing the company to seek additional financing. Trade creditors began registering liens against the project, which stalled progress and limited the company’s ability to complete remaining units. By the NOI date, the project required further funding to complete construction and close existing pre sales.

The company secured a super-priority DIP facility from its existing secured lender, Envision Financial, a division of First West Credit Union, in an amount of up to $2.4 million. In parallel, the Court approved a claims process to quantify creditor claims and address competing lien registrations against the Everwood lands. The process is expected to resolve uncertainties around lien validity and quantum, which are central to determining the company’s overall liability position and informing any proposal to creditors.

FTI is the proposal trustee. Counsel includes Dentons for Envision Financial and McEwan Partners for the company.