In February, shockwaves were sent through the Vancouver real estate industry after Coromandel Properties filed for creditor protection under the CCAA. Here's what we can learn from a prior case. realestate realestatenews BC insolvency
, Terrace House was set to be a 19-storey high-rise strata condominium building on 1250 West Hastings Street, in the Coal Harbour neighbourhood of Vancouver, and the project received a lot of attention at the time because it was set to become the tallest hybrid timber building in the world.
This created “friction” between Port Capital Group and some of its lenders, resulting in those lenders “showing less flexibility in the negotiation or re-negotiation of existing credit facilities,” which ultimately placed Port Capital Group in what was described as a “liquidity crisis.”Of that total, $34.8M was owed to two secured creditors — CMLS Financial Ltd., a mortgage company; and Aviva Insurance Company of Canada, an insurance provider.
The report also noted that demolition and abatement of the pre-existing structure on the site began in 2017, with excavation and shoring occurring in 2018. Construction began in late-2018, and by the time Port Capital Group filed for creditor protection in May 2020, the three-level parkade and first level of the building were substantially completed, with total project completion estimated at 20%.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Niagara cops issue shelter-in-place following shooting in Port Colborne, Ont.Police in Niagara Region have issued a shelter\u002Din\u002Dplace request following a \u0022shooting incident\u0022 in Port Colborne, Ont.
Lire la suite »
Niagara cops issue shelter-in-place following shooting in Port Colborne, Ont.Police in Niagara Region have issued a shelter\u002Din\u002Dplace request following a \u0022shooting incident\u0022 in Port Colborne, Ont.
Lire la suite »
Opinion: The government should include a capital gains tax exemption for employee ownership trustsThe capital gains tax should be deferred to when the employees that purchased their shares sell them
Lire la suite »
Victoria radio hosts petition to have Ikea return to B.C.'s capitalVictoria radio hosts Bailey Parker and Johnny Novak with 107.3 Virgin Radio Victoria have started a grassroots campaign to try to bring Ikea back to B.C.'s capital city.
Lire la suite »
Oceanside Generals look to take command as VIJHL playoffs beginOceanside begins post-season Wednesday against Port Alberni
Lire la suite »
Inside The Tropical Home Of Supermodel Naomi CampbellET Canada continues 'Celebrity Mansions Week' with a trip to Kenya for a look inside the super luxurious villa owned by supermodel Naomi Campbell.
Lire la suite »