Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
Construction on the High Park site has not advanced since late 2023 when the trade contractors abandoned the project “due to liquidity challenges and other delays.”The High Park Alhambra Church , these days, is not so much of a place of worship as an active construction site. Set to accommodate a four-storey, 70-unit condo through adaptive reuse, it’s an ambitious project that, like many others across the GTA, has been under receivership for months now.
Although Meridian initiated the receivership proceedings, it appears that the debtors had taken out two other mortgages including one that predated Meridian’s with Westmount Guarantee Services in the amount of $20 million. Previous to that, there was a mortgage in favour of Fiera FP Real Estate Financing Inc. and Fiera FP Real Estate Financing Fund, L.P. in the amount of $14.3 million.
By late 2023, however, work on the site had come to a halt. According to the court filings, the trade contractors abandoned the project “due to liquidity challenges and other delays.” “While the receiver can make the recommendation to the courts to sell the project, we don’t believe such a decision would be in the best interests of the stakeholders, and we are confident the receiver will likewise arrive at the same conclusion,” Giamou said. “We are doing everything possible to ensure that our purchasers, who voiced their confidence in TRAC’s management team, can still realize their dream of homeownership at 260 High Park.
Church Conversion Commercial Real Estate Receivership 260 High Park Limited Partnership Trac Developments Inc The Junction Cbre Industry
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