ELM Forward was initially brought in to stabilize the building after the original developers were pushed into insolvency in October 2023, owing more than $80-million
Being an expert in rehabbing insolvent real estate projects used to be a niche business, but the buyers of a partially finished condominium project in Kitchener , Ont., say their special skills are more in demand than ever.
ELM Forward was initially brought in by receiver KSV Restructuring Inc. to stabilize the building at 1333 Weber St. E. in Kitchener – a project known as Elevate – after the original developers were pushed into insolvency in October, 2023 owing more than $80-million and reportedly having less than $300 cash on hand.
Mr. Dorr said those experiences have led to his company being consulted when other projects are facing financial problems. “I think initially we had some early difficulties in this cycle which put our name out there. I think we handled that efficiently and effectively,” he said. “I have a good reputation in terms of being able to structure deals, so I had people reach out and say, ‘What would you do?’”“We’re fortunate to be partnered with ELM Developments,” said Mr. Dorr.
More recently he’s been called in to complete several projects where Romspen Investment Corp. was a lender, including a handful of rental buildings in Quebec that the Journal de Montréal has reported are the subject of an unpaid taxes probe from Revenu Québec.
The Listing Noastack Project Elm Dorr Time Look Contractor Lender Kitchener Kitchener TD Bank Quebec
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