Textbook (445 Princess Street)

Textbook (445 Princess Street), had its property municipally described as 429 and 445 Princess Street in Kingston Ontario placed in receivership on January 9 on application by KingSett Mortgage, owed approximately $7.1MM under a mortgage registered on title to the property. The company also owes $8.4MM to Textbook Student Suites (445 Princess Suites) Trustee Corporation. The Company was planning to develop a student housing residence on the property. The principle purpose of these receivership proceedings is to conduct a sale process for the property. The court appointed KSV as receiver and approved the retainment of Jones Lang LaSalle as listing agent. Counsel is Lax O'Sullivan for the applicant, Rubin & Christie and Weirfoulds for the company and Bennett Jones for the receiver.