Duca Financial Services Credit Union is seeking to have a luxury condo development in Toronto placed under receivership due to alleged default on a $16M loan by developers Sam Mizrahi and Edward Rogers.
The lender, Duca Financial Services Credit Union, alleges that the developers – Sam Mizrahi and Edward Rogers – are in default, owing $16M. The primary lender on a luxury condo development built in a joint partnership between developer Sam Mizrahi and Edward Rogers is looking to have the project placed under receivership, alleging millions in unpaid loans. In an application submitted to the Ontario Superior Court of Justice on January 19, Duca Financial Services Credit Union Ltd.
alleges that the developers have been in default on a loan that was provided to build a luxury condo development in Toronto's Yorkville neighbourhood, dubbed 128 Hazelton, since October 9, 2023 to the tune of $16M. The issue traces back to September 28, 2023, when mechanical contractor CEC Mechanical Ltd. registered a lien on the development for $863,657. Because 128 Hazelton did not vacate or discharge the lien from the property within 10 days, Duca alleges that the loan automatically went into defaul
Lender Receivership Luxury Condo Toronto Default Loan Developers Sam Mizrahi Edward Rogers
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