Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
An affidavit from Constantine Enterprises Inc. — they have a 50% stake in the condo project at 128 Hazelton Avenue — slams Mizrahi Group for being over-budget to the tune of $50M and more than five years behind schedule., the developer who dominated headlines in February when he was forced off The One in favour of SKYGRiD Construction. Mizrahi partnered up with Toronto-based private real estate fund Constantine Enterprises Inc. for the Hazelton project back in 2015.
“Even if the units subject to agreements of sale close, a significant amount of secured Indebtedness will remain owing to CEI. The debtors speculate that Hazelton will receive $27M from the sale and close of the units. Even accepting the values proposed by the debtors, almost half of that amount — $13M — relates to units that are not yet subject to agreements of purchase and sale and are not yet completed. It is unknown when those units will be sold or how much they will sell for.
This marks the end of a long road for the Hazelton Avenue property. Back in January, the primary lender on the project, DUCA Financial Services Credit Union Ltd.,, saying that the developers were owing $16M.
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