Scarborough’s Town Centre Place Project Placed in Receivership After Loan Default

Town Centre Place, a mixed-use real estate project by Atria Development at 1680 Brimley Road in Scarborough, was placed into receivership on September 10, 2025, on application by UBC Solutions, which is owed more than $80 million.

The project was designed to include four rental towers with amenities but had not advanced beyond excavation and shoring. UBC had originally advanced a $65 million land loan in September 2023, later increased by $5 million, and secured the loan with a first mortgage registered for $80 million.

Following a maturity extension to September 29, 2024, the debt was not repaid, extension-fee instalments were missed, and construction liens were registered against the property. UBC delivered demand and s.244 BIA notices, and after a conditional repayment deadline of September 8, 2025, was not met, the matter proceeded to a receivership on consent.

TDB Restructuring is acting as receiver. Rousseau Mazzuca LLP is counsel to UBC, Moldaver Barristers represents the debtors, RAR Litigation is acting for lien claimants Astro Shoring and Astro Excavating, and WeirFoulds LLP is counsel to the receiver.