Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
An ongoing dispute between Peterson Group and Create Properties resulted in the Burnaby Lake Village project being placed under creditor protection in November.
Sperling GP Ltd. was the General Partner and was controlled by a group of five directors: Peterson Chairman Benjamin Yeung, Peterson President & CEO Raymond Choy, Peterson CFO Paul McIntyre, Create Founder Lin Licao, and Create VP of Development Bruce Ma Ltd."Starting in the fall of 2023, Peterson began discussions with Create around refinancing the Loan Facilities," said Peterson CFO Paul McIntrye in an affidavit dated December 4.
On July 3 of this year, Peterson and Sperling GP Ltd. commenced arbitration against Create alleging that "Create breached its duty to the Partnership and to Peterson to act honestly and to exercise its discretionary powers in good faith in a manner consistent with the Partnership Agreement, including by refusing to approve proposed budgets and the development and construction of a presentation centre.
On September 5, Create says Peterson called a meeting of the aforementioned five directors of Sperling GP Ltd. for September 16 to approve a proposed plan to issue additional units in the partnership in order to raise up to $208,346,300 — the amount owed to RBC as of September 3 — by November 13. Create Properties subsequently issued another Notice of Dispute, with their primary concern being "the significant undervaluation of the Partnership units and the unreasonable timing of the issuance of the Proposed Additional Units." According to Licao, he believed the unit price should have been closer to $3.87 based on appraisals of the property he received in May 2023 and January 2024, which had an average of $488,000,000.
RBC's application seeking a court-appointed Monitor over Sperling Limited Partnership was granted on November 28.that day, adding that Peterson had the ability and intention to repay the debt owed to RBC, but that Create refused to provide consent for Sperling Limited Partnership to do so or to seek a loan extension. In a statement provided to STOREYS, Create said this was "false" and that they were taken by surprise by Peterson's press release.
Create Properties Burnaby Lake Village Industry
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