The Bayrock Terrace project in Port Moody, British Columbia, previously under development by Aultrust Financing, has been sold following a receivership initiated by KingSett Capital due to mortgage default.
The Bayrock Terrace project, originally planned for 3000 Henry Street in Port Moody by Aultrust Financing, has been sold to a new developer following a receivership initiated by KingSett Capital in July. The 4.34-acre site, comprised of four vacant parcels, was slated to host an 11-story building with 189 units.
According to KingSett Capital's application to the Supreme Court of British Columbia, the project's owners defaulted on their mortgage agreement by failing to make interest payments in February and March 2024. Despite a formal demand for payment, the owners, Amin Eskooch and Navid Morawej, were unable to fulfill their obligations. As stipulated in their mortgage agreement, KingSett Capital was entitled to appoint a Receiver over the property in case of default. The owners agreed to this appointment in April. As of June 6, 2024, the outstanding debt amounted to $13,501,453.28, plus interest. While KingSett Capital holds the primary secured creditor position, the project also has numerous unsecured creditors, including the City of Port Moody, the Canada Revenue Agency, and various consulting firms, collectively owing $1,334,184. The Supreme Court granted KingSett Capital's application for receivership on July 29. The Bayrock Terrace project, initiated around 2017, faced persistent delays, frustrating stakeholders. In late 2021, the owners attempted to sell the project, listing it with Colliers in January 2022. A joint venture partner was identified, but the limited partners of 3000 Henry Street Limited Partnership rejected the proposal. The project remained stagnant throughout 2023 as limited partners withheld further funding. Sales efforts resumed in January 2024, culminating in an accepted offer that ultimately fell through. Following the receivership, a court-ordered sales process commenced in late October. A stalking horse bid, set by 1496619 BC Ltd., at $14,031,523.67 (as of September 19) plus interest, served as the minimum purchase price. Despite eight parties, including Symphony Homes, Anthem Properties, and Greystar, signing non-disclosure agreements, no formal offers were submitted, leading to the acceptance of 1496619 BC Ltd.'s stalking horse bid. The Supreme Court approved the transaction on December 17 through a reverse vesting order, allowing the shares of 0790857 BC Ltd. to be transferred to the buyer instead of directly transferring the property.
REAL ESTATE RECEIVERSHIP DEVELOPMENT PORT MOODY BRITISH COLUMBIA KINGSETT CAPITAL BAYROCK TERRACE
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