The Ontario courts have appointed a receiver over two unsold units within a boutique condominium building in South Etobicoke. And the proceedings have a familiar name attached. According to court documents, the debtors are part of the once-illustrious Vandyk Group of Companies.
Construction on the 134-unit building at 25 Neighbourhood Lane wrapped up last year, and the building is part of a larger condominium complex known as the. In addition to 25 Neighbourhood Lane, the complex includes two other residential buildings. There are 505 units between all three buildings.that went to the Ontario Superior Court of Justice at the end of last month explains that the lenders advanced a “condominium inventory term loan” in the amount of $12.
The lender attempted to notify the debtor that registering these liens constituted “multiple events of default” this past October. At that time, the lender also demanded repayment of the loan, which did not occur within the 10-day statutory period for repayment.