Justice Peter Cavanagh of the Ontario Superior Court of Justice appointed The Fuller Landau Group Inc. as receiver, manager, and construction lien trustee over the assets of G Group 5220 Yonge Ltd., the developer behind a large mixed-use condominium complex at the southwest corner of Yonge Street and Ellerslie Avenue in Toronto.
The appointment follows an urgent application by senior secured lender Romspen Investment Corporation, which is owed more than $185 million under loan facilities that matured in September 2024. Romspen delivered its notice of intention to enforce security on October 1 and sought the receivership after repayment efforts failed.
G Group 5220 Yonge Ltd. owns the unsold inventory at the project, including 12 condominium units, 53 parking or storage units, and office and retail space within a 31-storey residential tower, 10-storey office building, 2-storey retail podium, and 3-level underground garage. Construction remains incomplete: according to a September 2025 cost consultant’s report, roughly $4.4 million in hard and soft costs are still required to finish the work.
Because elevators and escalators in the commercial podium have yet to be completed, the commercial condominium corporation cannot be registered and individual office or retail units cannot be sold. The residential condominium declaration was registered in February 2025, but only a portion of the units have closed.
Fourteen construction liens totaling about $8.5 million have been registered against the property, and several trade creditors—including Northern Caulking, Modern Elevator Innovations, Cambridge Drywall Services, Alloy Fusion, and Petra Design—appeared at the hearing.
The court noted that the debtor consented to the appointment and directed the receiver to use commercially reasonable efforts to avoid disrupting related non-receivership entities that share the same organizational infrastructure.
The project, first conceived nearly a decade ago, has faced prolonged delays and multiple rounds of litigation, including a 2017 settlement between Talisker Realty Corp. and the developer that remains subject to reservation of rights.
Fuller Landau will now assume control of the site, manage the sale of the remaining inventory, and address outstanding lien and creditor claims under the supervision of the court. Romspen was represented by Dickinson Wright LLP, while Fuller Landau was represented by Blaney McMurtry LLP.
