Keltic (Prior) Development Limited Partnership et al. had a property located at 220 Prior Street in Vancouver, BC placed into receivership on September 5 on application by Shape Capital, owed approximately $62 million. The property was intended for a 10-storey medical office project.

In 2022, Shape advanced a $65 million construction loan to Keltic in connection with the project. Construction commenced in 2022 but has not been completed. Keltic defaulted on the loan, including by failing to inject its initial equity requirement and by allegedly misappropriating $3.2 million from the holdback account.

FTI is the receiver.