In February, shockwaves were sent through the Vancouver real estate industry after Coromandel Properties filed for creditor protection under the CCAA. Here's what we can learn from a prior case. realestate realestatenews BC insolvency
, Terrace House was set to be a 19-storey high-rise strata condominium building on 1250 West Hastings Street, in the Coal Harbour neighbourhood of Vancouver, and the project received a lot of attention at the time because it was set to become the tallest hybrid timber building in the world.
This created “friction” between Port Capital Group and some of its lenders, resulting in those lenders “showing less flexibility in the negotiation or re-negotiation of existing credit facilities,” which ultimately placed Port Capital Group in what was described as a “liquidity crisis.”Of that total, $34.8M was owed to two secured creditors — CMLS Financial Ltd., a mortgage company; and Aviva Insurance Company of Canada, an insurance provider.
The report also noted that demolition and abatement of the pre-existing structure on the site began in 2017, with excavation and shoring occurring in 2018. Construction began in late-2018, and by the time Port Capital Group filed for creditor protection in May 2020, the three-level parkade and first level of the building were substantially completed, with total project completion estimated at 20%.
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