Howard is based in Burnaby and covers real estate, housing policy, and the development industry.
Projects by Quarry Rock Developments that are currently under receivership or foreclosure include The Willoughby, The Met, The Gordon, and The Graham.This month, separate receivership proceedings and foreclosure proceedings were initiated against two more of the company's properties, adding to an already extensive list.
MCAP filed their application to appoint a receiver as a result of this, as well as the reality that the project had to go through winterization — protective measures ahead of construction pausing in the winter — and would see more costs accrued. Canadian Western Bank claims that it is owed $12.7M, but an analysis conducted by the court-appointed receiver has found that Quarry Rock Developments owes a total of $23M to secured creditors, which also includes $5.5M to VC Management, a general contractor. Case documents listed numerous other secured creditors with amounts owing that are still unconfirmed.
Those three entities are the subject of ongoing foreclosure proceedings that were initiated by the aforementioned Atrium Mortgage Investment Corporation in late-October 2023. In this case, Atrium holds a first-ranking mortgage and were owed $13,128,822.62 with interest accruing at a daily rate of $4,152.49, according to an order nisi granted by the Supreme Court in December, which confirmed the debt.
The second consists of 7007, 7021, and 7033 204 Street, where Quarry Rock was planning a low-rise condo building with 386 units called The Gordon.by Mike Harrison of Avison Young. The two are listed together with an asking price of $51.5M, but the listing notes the assemblies can be purchased separately.in a single petition to the court on April 3, with a claim that they were owed $7,614,800, as of March 15, with interest accruing at a daily rate of $3,300.
Additionally, foreclosure proceedings are also ongoing pertaining to an industrial development in Delta Quarry Rock Developments was undertaking at 10555 64 Avenue.was set to be a cold storage warehouse and food processing facility for Delta Fresh and had reached the third reading stage, according to the City of Delta. The proceedings were initiated by Overland Capital in January against QRD Holdings Inc.
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