TC Evolution Victoria Project Placed Into Receivership

TC Evolution Limited Partnership, TC Evolution General Partner Inc., and 0922010 B.C. Ltd., British Columbia real estate development companies, were placed into receivership on August 20, 2025, on application by Timbercreek Mortgage Servicing Inc. and its bare trustee nominee, 2292912 Ontario Inc.

TC Evolution was formed to develop 2615/2621 Douglas Street in Victoria, B.C. into an office property. Merchant House Development Victoria Inc., controlled by David Fullbrook, together with Kristin Brawley Fullbrook and Paul Silk, guaranteed the obligations.

Timbercreek advanced a $48.75 million construction loan in July 2020, secured by a first mortgage, general security, assignments, and guarantees. The facility matured April 1, 2023, with $41.1 million outstanding as of June 2, 2025.

Defaults began in April 2023 with failure to repay at maturity, allegedly unauthorized borrowings from Alitis Private Real Estate LP and Alitis Private REIT ($3 million), alleged diversion of secured loan proceeds to repay Price Capital Partners ($16.3 million aggregate), registration of liens, and alleged unauthorized share/unit transfers.

A forbearance agreement was reached in August 2023 and later amended in February 2024 to extend repayment to December 31, 2024, which was not made. Further defaults occurred, and demand letters and s. 244 BIA notices followed in June 2025. The receiver was then appointed on August 20, 2025.

Professionals: MNP Ltd. has been appointed receiver. McCarthy Tétrault LLP represents Timbercreek, while DLA Piper acts for Price Capital and PCP BC Capital.