Thind Properties, already facing receivership actions from KingSett Capital, has initiated creditor protection for its fourth project, the 34-storey Eclipse Brentwood tower in Burnaby.
Thind Properties , facing three other receiverships initiated by KingSett Capital, has initiated creditor protection proceedings against a fourth project by Thind, according to filings in the Supreme Court of British Columbia. Thind Properties has been developing four towers across a large site immediately south of The Amazing Brentwood in Burnaby , near Still Creek Drive.
Those towers include the Lumina Waterfall, Lumina Starling, and Lumina Alpha, all three of which were completed around 2020 and 2021. At 2381 Beta Avenue, Thind — who owns the property under Beta View Homes Ltd. and Lumina Eclipse Limited Partnership — has been developing a 34-storey tower called Eclipse Brentwood. According to KingSett Capital, construction on Eclipse Brentwood — referred to as 'Brentwood Tower C' — is now approximately 95% complete, with approximately 224 units subject to presale agreements. In its Petition to the Court dated January 7, KingSett Capital said that they entered into a loan agreement with the owners in April 2021 for a first-ranking mortgage in the principal amount of $124,000,000. On the same day in April 2021, KingSett Capital and the owners entered in a loan agreement for a second-ranking mortgage in the principal amount of $65,400,000, comprised of a first loan facility of $50,000,000 and a second loan facility of $15,400,000. Both agreements were later amended in June 2021, July 2022, May 2023, June 2023, and March 2024. According to KingSett, Thind owes $189,196,038.21 as of December 27, 2024, with interest accruing at a daily rate of $28,349.08 on the first mortgage, $20,608.05 on the second mortgage's first facility, and $4,905.76 on the second mortgage's second facility
Thind Properties Kingsett Capital Receivership Creditor Protection Eclipse Brentwood Burnaby
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