Zakiya STOREYS Associate Editor. 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.
As far as receiverships go, things have taken an atypical turn for the Ottawa Train Yards, which were implicated in an appointment order in early June amid allegations of a $40M debt.It’s been nearly a month and a half since the Ontario courts granted a receivership order implicating a portion of the Ottawa Train Yards, one of the largest shopping mall s in the city, amid allegations that the owner of the retail site was owing more than $40M to Manulife.
At the time pleas for receivership were made back in March, Manulife Director of Commercial Mortgages James Scarrow went on record to describe the initial loan of $45.5M, which was extended on December 27, 2018 to the debtor. As security, the debtor extended the aforementioned 23.2-acre property at Trainyards Drive, Industrial Avenue, and Terminal Avenue, which consists of the Ottawa Train Yards and multiple free-standing and tenanted buildings.
Later in the report, they indicate that they had “commenced the process to transition control of the debtor’s operations back to Controlex,” with the transition of control anticipated to be completed by July 12. June’s sweltering temps haven’t stopped the Muskoka market from cooling down as the Lakelands North region transforms into a buyer's paradise.Liberty Development Unveils 36-Storey Condo To Kick Off Six Points Plaza Redevelopment
Shopping Mall Controlex Corporation Grant Thornton Limited Receivership
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