Rocky Mountain Alberta Partners Ltd., Receivership

Rocky Mountain Alberta Partners Ltd., the owner of a 15 storey office building in downtown Calgary, Alberta referred to as the Rocky Mountain Plaza, was placed in receivership on August 21 on application by Canadian Western Bank, owed approximately $19.6 million.

The Plaza hosts commercial space on the first floor, with the remaining floors being comprised of office space. As at June 29, 2023, the building showed a vacancy rate of 77%.

The company intended to convert the majority of the Plaza into residential space, but had trouble executing this plan due to financial difficulties. The company has defaulted on the loan from CWB and a subsequent forbearance agreement.

FTI is the receiver.

Counsel is McLennan Ross for CWB.