Markham's Nearly-Complete EverHome Condo Project Placed Under Receivership

After being placed under receivership last December, the Grandview Tower project in Markham, Ontario has officially been sold, according to filings in Ontario Superior Court. The project was set for 7115 Yonge Street plus 8, 10, 12, and 14 Grandview Avenue; a 0.95-acre site on the eastern side of Yonge Street between Meadowview Avenue and Grandview Avenue, about three blocks north of Centerpoint Mall. The site consists of a vacant parcel of land and four single-family lots that Terra Bona Developments Ltd. was planning to redevelop. The original proposal was for a 36-storey condo tower with 443 units before it was later revised — following an appeal to the Ontario Land Tribunal — to one 49-storey tower and one 46-storey tower, with a grand total of 873 residential units. For the project, Terra Bona — through Terrabona 7115 Yonge Ltd. — secured a first-ranking mortgage from Toronto-based Empirical Capital Corp. in October 2022 for the principal amount of $31,000,000, with interest accruing at the greater of 10.25% per annum or the RBC Prime Rate + 4.80%. The loan was guaranteed by Majid Tavakoli and Majid Tavakoli Holdings Ltd.

An office-to-residential conversion project in Ottawa has been placed under receivership after the conversion commenced without the approval of the lender, according to filings in Ontario Superior Court. The property is a seven-storey office building with 106,195 sq. ft of leasable space, located at 495 Richmond Road in Ottawa near Westboro Beach and the Ottawa River. The building was previously owned by Artis REIT, which sold the building in September 2019 for $39,000,000 to an undisclosed buyer. (Artis REIT was absorbed by RFA Capital Inc. earlier this year.)That buyer was Toronto-based DOV Capital, through Dov (495 Richmond) Limited, which financed the acquisition in part via a first-ranking mortgage from Addenda Capital Inc. — a subsidiary of insurance company Co-operators — in October 2019 for the principal amount of $30,947,000.

The Mondria 1 condo project in Clarington, Ontario was placed under receivership over the summer, according to filings in Ontario Superior Court, and the series of events that resulted in the receivership is more unique than most. The project is located at 1607 King Street East and was being developed by Toronto-based Monde Development Group, which was developing a six-storey condo building with 89 units. The property, which was formerly occupied by the Pine Ridge Motel, is beneficially owned by Monde through Monde Development Group Inc. For the project, the developer obtained a first-ranking mortgage in February 2022 from Meridian Credit Union in the principal amount of $31,000,000, with the interest rate set at Meridian’s prime rate + 2.00% per annum with a minimum floor rate of 4.45%. Meridian also provided a letters of credit facility up to $475,778 with interest at Meridian’s prime rate + 2.00%, a business credit card facility up to $100,000 with interest at 19.50%, plus a bridge loan in the amount of $3,600,000 with interest at Meridian’s prime rate + 8.00% and a floor rate of 13.95%.

A two-building seniors residential complex in Ottawa's Citiplace neighbourhood has officially changed hands following a court-ordered sale, according to filings in Ontario Superior Court and a press release. The complex consists of two separate buildings — the 125-suite Ravines Retirement Residence at 626 Prado Private and the adjacent 138-suite Ravines Senior Suites at 636 Prado Private — along the Nepean Creek near Rideau River in Ottawa. Both buildings share an on-site management team as well as above-ground and underground corridors, as they were developed together by Ontario-based developer Choo Communities under its Ashcroft Homes brand — whose ReStays boutique hotel in Ottawa was sold last month as part of another receivership proceeding, as previously reported by STOREYS. The InsolvenciesThe proceedings began after Ashcroft Homes obtained creditor protection under the Companies’ Creditors Arrangement Act (CCAA) on December 5, 2024 for several of its corporate affiliates and projects, including 2139770 Ontario Inc. — the legal owner of Ravines Retirement Residence — and 2265132 Ontario Inc. — the legal owner of Ravines Senior Suites. “According to Mr.