Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The 14-building Burnaby Lake Village project by Peterson Group and Create Properties has been placed under CCAA creditor protection by RBC.The Burnaby Lake Village project has been placed under creditor protection, according to filings in the Supreme Court of British Columbia, in what is the single largest real estate insolvency, by amount of debt, that has occurred in Metro Vancouver over the past two years.
The project was financed by a lender syndicate consisting of RBC, TD Bank, BMO, and Scotiabank, with RBC serving as the administrative agent, syndication agent, and lead arranger. The loan — entered into in February 2022 then amended in February 2024 — was for the principal amount of $210,000,000, consisting of a land loan of $160,000,000 and a pre-development loan of $50,000,000. The interest rate was not disclosed.
Accordingly, RBC has noted that "the Project appears to be viable but for the dispute between the Partners." In their statement, Peterson described the situation as an "impasse," said they have "exhausted all reasonable options to resolve the impasse with Create," and alluded to a potential restructuring of the partnership.
A timeline of the sales process has already been proposed. According to court documents, the sales process will commence on January 6, have a final bid deadline of April 11, and have an outside closing date of May 30.of the same name, Peterson Group said in a statement that it is "determined to complete the Project and will explore all avenues to achieve this." It also said it will continue to operate normally and advance its various projects.
Create Properties Burnaby Lake Village Industry
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