One of the tallest skyscrapers coming to Canada is facing significant financial trouble as Mizrahi Developments' The One was placed under receivership.
"The total secured indebtedness of the Borrower is therefore approximately $1.662 billion," the court filings read. The court documents allege that several defaults have occurred since 2019, and that on October 4, KEB Hana Bank delivered a formal demand letter seeking repayment for all owing debts related to The One.
In a statement emailed to STOREYS on Thursday, Mizrahi Developments said, “At the request of the project’s senior lender, the court has appointed a limited scope receiver to overcome an ongoing governance issue that has caused significant project delays. The main attraction of this great Kelowna home is a recreation room on the lower level, that's designed akin to an 18th Century gentlemen's club.Luxury Single-Family Home Sales Surged This Summer, But Buyers Bow Out Of Condo Living