MNP appointed receiver over West Vancouver development lands

Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd., entities associated with a planned residential development site in West Vancouver, were placed into receivership on March 3, 2026 on application by Pacifica Mortgage Investment Corporation, the project’s senior secured lender.

The debtor entities were formed to pursue development of a beachfront real estate project located at 2468 Marine Drive in West Vancouver through a limited partnership structure. Dundarave Beachside GP Ltd. acts as general partner of Dundarave Beachside Limited Partnership, while 2490 Marine Drive Ltd. holds title to the development property.

The project’s principal asset is the development site at Marine Drive, with the land alone carrying an assessed value of approximately $21.7 million. The project attracted presale purchasers, with deposits from 12 buyers currently held in trust by the developer’s legal counsel.

The receivership application was initiated by Pacifica Mortgage Investment Corporation, which holds the primary secured position against the project lands, owed approximately $38.8 million. 1548341 B.C. Ltd., another secured creditor, owed approximately $16 million.

Court materials suggest the project encountered mounting obligations to contractors, consultants, and lenders during the development process. A civil claim brought by contractor RTR Terra Contracting Ltd., which performs excavation and civil works, forms part of the litigation context surrounding the project.

As financial pressures intensified, Pacifica sought enforcement of its security. MNP was appointed receiver. Counsel includes Owen Bird for Pacifica, Fasken for 1548341 B.C. Ltd., Bridgehouse Law for 1165877 В.C. Ltd. and Hongpeng Yang, McLean & Armstrong for RTR Terra Contracting Ltd., and Yan Muirhead for Evan Mont Wang and 1165857 B.C. Ltd.