Pro/Com Realty Corp. and 1983880 Ontario Inc., Receivership

Pro/Com Realty Corp. and 1983880 Ontario Inc., which operated as a privately-owned real estate investment venture, holding property outside of Ottawa, Ontario, were placed into receivership on January 16, on application by Laurentel Corporation et al. (collectively, “Laurentel”), owed approximately $4.5 million under a term loan provided under a mortgage commitment in 2022.

The property consists of approximately seven acres of vacant land which, at the time the mortgage commitment was entered into, was a proposed development subject to a secondary plan review by the City of Ottawa. However, the property remains vacant, and the companies have defaulted on their repayment obligations to Laurentel.

MNP is the receiver.

Counsel is Aird & Berlis for Laurentel and Soloway Wright for the receiver.