TrinityStar’s Newtonville Subdivision Placed in Receivership

The Ontario Superior Court (Commercial List) appointed TDB Restructuring Limited as receiver over TrinityStar Developments Inc. on October 10, 2025, on application by secured lender Cameron Stephens Mortgage Capital Ltd. Justice Conway granted the order after TrinityStar acknowledged no refinancing commitment was available and the project had frozen.

TrinityStar was developing a low-rise residential subdivision on lands in Newtonville, Ontario. The borrower is the registered owner of the lands and planned a two-phase build: Phase I comprising 18 single-family detached homes, with additional lands to be serviced and developed in Phase II.

The senior loan matured June 1, 2025 and was not refinanced. By the October 10 hearing, construction had ceased, a number of homes were left partially complete and exposed to the elements, the real property was underinsured, and construction liens exceeded $8 million. As at September 29, 2025, the lender’s mortgage statement reflected a principal balance of approximately $16 million, accrued and arrears interest, fees and an outstanding letter of credit of approximately $2.5 million, for a total outstanding of approximately $19 million.

The court authorized the receiver to take immediate control, secure partially built homes, complete substantially completed units, and determine whether remaining lots should be sold as-is or advanced through further construction, for the benefit of the lender and other stakeholders. The order provides the standard suite of receivership powers to manage, operate, and preserve the property.

Counsel is Chaitons LLP for Cameron Stephens Mortgage Capital Ltd., Blake, Cassels & Graydon LLP for TrinityStar Developments Inc. and Fogler Rubinoff for the Receiver.