Edmonton multi-unit property placed into receivership

2597427 Alberta Ltd., the owner of a partially renovated 34-unit apartment building in Edmonton, was placed into receivership on March 13, 2026, on application by Spire Pacific Capital Corporation acting together with Computershare Trust Company of Canada as secured lender.

The debtor is involved in the renovation of a multi-unit residential tenancy buildings in and around Edmonton, Alberta, including the development of a three-storey, 34 unit apartment building located in Edmonton. The project was financed through a first mortgage bridge facility advanced by Spire and held through Computershare as nominee lender pursuant to a custodial arrangement dated April 8, 2024. The loan matured on March 1, 2026 with a balance of approximately $4.2 million but was not repaid.

On March 11, 2026, representatives of Spire attended to inspect the project and learned that construction and renovation work at the project had ceased and requires significant renovation work to complete.

A construction lien has been registered against title to the lands in favour of ARH Developments Inc., who has ceased construction on the project, further affecting the ability of the debtor to refinance or secure additional funds to complete the project.

KSV is the receiver. Counsel is McCarthy Tétrault for Spire.