Receivership orders went into effect over both development sites on June 4, 2024, and now, KSV Advisory — the appointed receiver — is petitioning the Ontario court to approve sales process orders.
Constantine is the Toronto-based private real estate fund that instigated these receivership proceedings against Mizrahi back in February, citing “lost confidence in Mizrahi and the Mizrahi Group’s ability to fulfill their financial obligations,” and a “complete breakdown” in their relationship with Mizrahi entities.Speaking to the nine-storey condo building at 128 Hazelton Avenue — which is nearly complete and includes 20 living units and around 1,993 sq. ft.
As for the four residential units that remain unfinished in the building, KSV has stated that they will engage Gillam Communities LP to complete the outstanding work.For 180 Steeles, which is a six-tower development set to bring over 2,000 new residential units to Vaughan, the story is similar, in that Constantine has alleged debt — this time, in the ballpark of $28.9M.