Vancouver-based developer CoromandelProp has filed a petition seeking creditor protection after red tape and rising rates have ballooned its debt. realestate realestatenews BC developers development
. The court documents show that Coromandel sold a significant portion of their interest in the Frame project to Peterson Group in order to raise the funds they needed for other projects. The sale was dated December 30, 2022, and Coromandel currently has a 26.25% interest in the Frame project, with an option to buy the shares back before March 28, 2023, for the $2,148,394.85 purchase price plus $70,000.
Coromandel also owns three parcels of land in Alberta, under Coromandel Badlands Holdings Ltd., but there is currently no debt associated with these properties. , managed by GWL Realty Advisors, a lease with a monthly cost of $19,892.50 began on December 1, 2018, and runs for 10 years. The Court notes that Coromandel is in good standing regarding payments of the lease.As to what happens now to the projects in various stages of development, the Court says Coromandel plans to continue construction on some of the projects, while obtaining breathing room, via the CCAA, to look at restructuring options or sales of their held assets.
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