Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The Urban North Townhomes project by Pace Developments set for 700-780 Mapleview Drive East was placed under receivership in March at the request of KingSett Capital.After a relatively short and uneventful court-ordered sales process, the Urban North Townhomes project that was placed under receivership earlier this year has officially changed hands, according to filings in Ontario Superior Court.
The property was owned by Mapleview Developments Ltd. and beneficially owned by 2552741 Ontario Ltd. and Pace Mapleview Ltd., the latter of which was controlled byIn September 2022, the two sides entered into a loan agreement that would see KingSett extend seven separate loan facilities to the developers for the aggregate maximum principal amount of $105,762,112.
As a result, by default, the property was sold to the stalking horse bidder whose bid served as the basis of the sales process. The stalking horse bidder and new owner of the Urban North Townhomes project is Burlington-based Dunsire Homes Inc.
In a report to the court in May, the Receiver noted that approximately 494 units of the Urban North Townhomes project had been pre-sold, but have yet to close, with 321 pertaining to stacked townhouse units and 173 pertaining to freehold units.
Urban North Presale Preconstruction Kingsett Capital Pace Developments Dunsire Developments Dunsire Homes Inc. Townhomes Westmount Guarantee Services Inc Tarion Receivership
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