National Bank Secures Receivership Over Paramount Edmonton Site

The Alberta Court of King’s Bench has appointed MNP Ltd. as receiver and manager over the assets of One Properties Paramount Limited Partnership, developer of the Paramount lands on Jasper Avenue in downtown Edmonton, on application by National Bank of Canada.

The receivership order was granted on September 24, 2025, empowering MNP to take possession of the property, collect rents, and conduct a court-supervised sale or refinancing.

The Paramount site spans Jasper Avenue between 102nd and 103rd Streets, and was previously financed through a non-revolving C$9 million demand facility from National Bank, successor by amalgamation to Canadian Western Bank. The loan was secured by a first mortgage over the lands, a general security agreement, and guarantees.

As of July 31 2025, the partnership’s indebtedness totaled $9,086,011.57, accruing interest at $1,572.47 per day. After repeated defaults and failed refinancing efforts, the bank issued a demand on August 11, 2025, followed by a statement of claim on August 25.

MNP has been appointed as receiver to preserve value pending a sale process. McLennan Ross represents National Bank.