Mansouri Group files NOI amid $34M debt to Cameron Stephens and other mortgagees

On October 24, 2025, four related real estate developers within the Mansouri Group—1351637 Ontario Limited, Casewood Holdings Inc., Minthollow Estates Inc., and Whitby Meadows Inc.—filed Notices of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act. The filings cover four residential projects across the Greater Toronto Area: Attersley, Seven Oaks, Oshawa Residential, and Garden Street Seniors Condominiums.

According to the filings, the group owes an aggregate of $32.8 million to Cameron Stephens Mortgage Capital Ltd., its primary secured creditor, while Casewood Holdings Inc. carries an additional $1.4 million in obligations to certain mortgagees arranged through M.D. Financial Corporation. Facing liquidity pressures common across the development sector, the Mansouri entities cited delays in municipal approvals, rising input costs, US tariffs, supply chain disruptions, and shifting market demand as key factors that forced the move into formal restructuring proceedings.

The developers intend to pursue refinancing and other restructuring options to stabilize their projects and satisfy secured lenders. KPMG Inc. has been appointed as proposal trustee, with Osler, Hoskin & Harcourt LLP acting for the debtors, Stikeman Elliott LLP representing the proposal trustee, and Garfinkle Biderman LLP serving as counsel to Cameron Stephens Mortgage Capital Ltd.