I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc., which were developing “Siena The Heights”, a condominium development in Burnaby, British Columbia, were placed into receivership on February 14 on application by Desjardins Financial Security Life Assurance Company, owed approximately $15 million.

The companies have defaulted on their obligations to Desjardins, including by ceasing construction, failing to fund cost overruns, and failing to repay the loan. A forbearance agreement was entered into and extended on multiple occasions without payment being made.

Deloitte is the receiver.

Counsel is DLA Piper for Desjardins and Bridgehouse Law for the companies.