SCREO I Metrotown Inc. and SCREO I Metrotown LP, Receivership

SCREO I Metrotown Inc., the legal owner of two vacant office towers in Burnaby, BC, and SCREO I Metrotown LP, the beneficial owner of the towers, had a receiver appointed over the properties on July 8 on application by The United States Life Assurance Company in the City of New York and American Home Assurance Company (the “Lenders”), related New York State corporations which are part of the Corebridge Group. 

The companies were formed to acquire, own and develop the towers.

In March 2019, SCREO entered into an $88 million loan agreement with the Lenders for the purpose of acquiring and developing the towers. Following numerous extensions and other accommodations, the loan went into default in August 2023 and matured over nine months ago without being repaid.

SCREO has unsuccessfully been attempting to sell the properties for ten months.

The total amount currently outstanding under the loan is approximately $50 million.

A&M is the receiver.

Counsel is Nathanson, Schachter & Thompson for the Lenders, McCarthy Tétrault for SCREO, and Dentons for the receiver.