Howard is based in Burnaby and covers real estate, housing policy, and the development industry.
The application to appoint a receiver for Pace Developments and its Urban North Townhomes project in Barrie was filed by KingSett Mortgage Corporation in March.Construction on the Urban North Townhomes project in Barrie, Ontario will likely be facing some delays as a result of the project being placed under receivership in March.
The guarantors of the loan are Dino Sciavilla and Yvonne Sciavilla, who are both directors of Pace Developments, according toAfter the maturity date of the loan agreement was extended several times, according to court documents, the loan facilities matured on February 1, 2024, at which time KingSett claimed that it was owed a total of $47,099,842.63, with interest accruing.
It begs to reason that the receiver is now likely working on establishing a sales process timeline, which would require approval from the court. Once approved, the receiver will retain a commercial real estate brokerage to list and sell the property, with the sale also requiring final approval from the court.
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