Spotlight on Courtland, Receivership

Spotlight on Courtland, the registered owner of a 6.3 acre parcel of land located in Kitchener, Ontario approved for development of four towers with approximately 2,500 residential units of affordable housing, day care facilities and social services, was placed in receivership on June 17 on application by MarshallZehr Group, owed approximately $20.7 million.

The company has defaulted on the loan from MarshallZehr Group, including by failing to pay interest when due and to comply with reporting requirements. A demand for repayment of the full amount of the loan has been outstanding since February.

TDB Restructuring is the receiver.

Counsel is Chaitons for MarshallZehr Group and WeirFoulds for the company.