Real Property owned by King David Inc., Receivership

King David Inc., a Markham, Ontario-based real estate development company, had a receiver appointed over a development site owned by the company on January 12, on application by First Source Financial Management Inc., owed over $55 million.

The property is part of a residential condominium development known as Cathedraltown Courtyards. While parts of the project are under construction, the property – which is the anticipated site of phases 2 & 3 of the project – remains vacant land.

There have been multiple events of default under the mortgage and multiple forbearance agreements which have been breached.

TDB Restructuring Limited (formerly RSM Canada Limited) is the receiver.

Counsel is Paliare Roland for First Source and Denis Litigation for the company.

By: Dina Milivojevic