Stephen Avenue Place Returned to Receivership

The Alberta Court of King’s Bench has reappointed MNP Ltd. as receiver and manager of the Stephen Avenue Place office tower in downtown Calgary and related property of SCREO I 700 2nd Inc., 58508 Alberta Ltd., and SCREO I 700 2nd L.P. (collectively, the “Debtors”). The order, granted October 15, 2025, follows continuing loan defaults under a 2023 forbearance and loan amending agreement with the Debtors’ lenders.

The 40-storey Stephen Avenue Place (formerly the Calgary Tower Centre) is located at 700 2nd Street SW, encompassing over 600,000 square feet of office and retail space in Calgary’s downtown core. The property is owned by affiliates of the Slate Canadian Real Estate Opportunity Fund LP, controlled by Slate Asset Management, which completed a major renovation and repositioning of the tower in recent years.

The property is encumbered by a $139 million first-ranking mortgage, syndicated on a pari passu basis among institutional lenders led by Timbercreek Financial.

MNP was first appointed receiver over Stephen Avenue Place in October 2023, after Timbercreek sought to enforce on the mortgage. Following the appointment, the parties negotiated a forbearance and loan amending agreement in December 2023, which included the discharge of the receiver. By January 19, 2024, MNP had filed its transition certificate and formally returned control of the property to the Debtors.

Following new defaults under the forbearance arrangement, Timbercreek applied for and obtained a fresh receivership order on October 15, 2025.

Counsel is Lawson Lundell for Timbercreek.