Ottawa residential lot developer Onassa placed into receivership

Onassa Corporation, the owner and developer of 26 vacant residential lots in Ottawa, was placed into receivership on June 9, 2026, on application by secured lender Hillmount Capital Mortgage Holdings Inc., owed over $6.6 million.

Onassa’s principal asset is the residual portion of the Onassa Springs subdivision, consisting of 26 vacant, fully serviced and permit-ready residential lots. The lots are approximately one acre each and form part of an approved subdivision adjacent to a golf course in Ottawa. Onassa is an owner and developer of real property, has no known employees and is directed by its sole principal, Noel Perera.

Hillmount’s lending relationship with Onassa began under a mortgage loan commitment dated June 3, 2022, as amended on July 27, 2022. Hillmount advanced a $6 million term mortgage loan, which was later renewed and extended twice. The debt ultimately matured on February 1, 2026 and was not repaid. Hillmount delivered a formal demand and notice of intention to enforce security on February 12, 2026, but the applicable notice periods expired without payment.

The lender alleged several additional defaults. Onassa failed to complete mandatory lot sales and satisfy structured sales and loan paydown milestones. It also permitted a mortgage in favour of 9523-5685 Quebec Inc. to be registered without Hillmount’s consent and accumulated approximately $459,486 in property tax arrears. Payment default has been continuing since at least February 2026.

Onassa contested the receivership by pointing to efforts to sell and refinance the property. It had entered into an agreement to sell three lots at prices below their appraised values, but the transaction had not closed by the hearing. It also presented financing commitments from two proposed lenders. The Court found that neither commitment was unconditional or binding and that the proposed funding might not be sufficient to discharge the debt secured by both Hillmount mortgages.

TDB Restructuring is the receiver, with authority to conduct a streamlined sale and vesting process. Counsel is TGF for Hillmount, Aird & Berlis for Onassa, and Blaney McMurtry for BDC.