Landmark Shawn Oaks Development Ltd. and Shawn Oaks Holdings Ltd., Receivership

Landmark Shawn Oaks Development Ltd. and Shawn Oaks Holdings Ltd., the registered and beneficial owners of lands comprising a 138,987 square foot development site in the Shaughnessy/Oakridge neighbourhood in Vancouver, were placed into receivership on February 13 on application by Trez Capital, owed approximately $72 million.

A 72-unit townhouse complex is currently located on the lands, but Landmark has proposed a development including two strata towers, a six-storey residential building with approximately 180 social housing units, and a 37-space childcare facility. However, to date, it does not appear that the companies have submitted the formal rezoning application to the City.

The loan from Trez Capital matured on September 1, 2024 but was not repaid. In addition, the second mortgagee, Peterson Investment Group, is owed approximately $27 million.

A&M is the receiver.

Counsel is Owen Bird for Trez Capital, Osler for the companies, Dentons for the receiver, Kornfeld for Landmark Premiere Properties, and DLA Piper for Peterson Investment Group.