I4PG Hastings Street Inc., Hastings Street Limited Partnership and 14 Property Group Inc., Receivership

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.