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.
A motion that was heard by a judge on Tuesday describes a stalking horse bid from Centurion Acquisition Corporation, although the amount of the bid has been withheld in the court filings.A purchase agreement is in play for a development site at 5507-5509 Dundas Street West in Etobicoke, which was placed under receivership in April.
Speaking to the site in its current state: it's nearly vacant, save for an unoccupied single-storey commercial building. It has zoning approvals in place to to permit a 22-storey, 242,187-sq.-ft mixed-use building with up to 265 residential rental units and 176 parking stalls.When receivership proceedings against Dundas Shorncliffe Limited Partnership and Dundas Shorncliffe Ltd.
The court filings also showed that, in addition to the $17.5M owing to Centurion, the debtors were also owing $5.43M to Pesciolino and $1.574M to Mapleview Pear Tree Inc. for a total debt of $24.504M as of April 2. The July 29 motion reveals that the sales process resulted in three offers, including just one “qualified bid,” which was up against Centurion's stalking horse bid at a live auction. During the auction, Centurion “improved” its stalking horse bid and was deemed to be the successful bidder. BDO is now seeking an approval vesting order from the Ontario courts, which is a condition on closing per Centurion's improved stalking horse agreement.
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