1111801 Holdings Ltd., Tripoint West Georgia Holdings Ltd. and 1231348 B.C. Ltd., companies associated with a commercial office and retail property at 1575 West Georgia Street in Vancouver, were placed into receivership effective November 1, 2026, on application by National Bank of Canada, owed approximately $14.3 million as of June 19, following repeated loan defaults and unsuccessful refinancing efforts. The appointment follows a negotiated arrangement that gave the companies until November 1 to refinance their debt.
The property comprises 36,038 square feet of commercial space occupying the lower four levels of a luxury condominium tower in Vancouver's Coal Harbour neighbourhood, including approximately 27,951 square feet of office space and 8,087 square feet of retail space operated as a co-working environment by 1231348 B.C. Ltd. Tripoint West Georgia Holdings Ltd. holds legal title as nominee and bare trustee for 1111801 Holdings Ltd., the borrower. The companies are associated with the Arpeg Group, with Arpeg Holdings Ltd. and Arpeg Investments Ltd. acting as guarantors. The property was appraised at $35.05 million as of January 1, 2026.
The financing originated under a January 2023 commitment letter with Canadian Western Bank, which subsequently amalgamated with National Bank, providing credit facilities of up to $22 million to refinance the commercial property and two additional strata units. The companies began experiencing repayment difficulties in 2024, including missed monthly payments, breaches of financial reporting and debt-service obligations, and unpaid property taxes. Although they generated additional liquidity through asset sales and repaid the second credit facility in full in December 2025, approximately $2.83 million, the remaining facility continued to experience defaults. National Bank demanded repayment in February 2026, after which the parties entered into successive forbearance agreements extending through June 12. The final extension required a refinancing commitment from Scotiabank by May 31, which the companies failed to obtain.
National Bank commenced receivership proceedings on June 24, arguing that repeated defaults and unsuccessful refinancing efforts had undermined its confidence in management and that the property required active oversight to preserve its value. The companies opposed an immediate receivership, maintaining that they could continue servicing their monthly obligations while completing a refinancing. They said they had engaged financing advisers in late 2025, shortlisted four prospective lenders and entered discussions with Scotiabank in April 2026. They also relied on a Metrix Appraisals Ltd. valuation of $35.05 million, arguing that the property's value provided substantial protection for the lender's approximately $14.3 million claim and that a receivership would impose unnecessary professional costs.
The parties ultimately agreed to a conditional receivership order that allowed the companies until November 1 to refinance, which they were not able to do, leading to the appointment of Deloitte as receiver. Counsel includes McCarthy Tétrault for National Bank, Cassels for the receiver, and Alexander Holburn Beaudin + Lang for the companies.
