Lenders to a half-built, 85-story Toronto condo tower will hire a local developer to finish construction after an attempt to sell the project elicited only one bidder.
December 12, 2024 at 10:01AM EST --
The project’s senior secured lenders, two funds run by South Korea-based IGIS Asset Management Co., applied for the receivership after the project’s former owners defaulted on part of its nearly C$1.7 billion in debt last year. But financing woes, delays and soaring costs plagued the project since construction began in 2017. The C$1.4 billion cost projected in 2019 had climbed to C$2 billion by the time it was put in receivership, court documents show.
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