The company that owns 55 Dundas, 11603531 Canada Inc., was placed under receivership in November at the request of BMO.Six months after 55 Dundas and its owner were placed under receivership, the case has come to a resolution as a result of the Bank of Montreal agreeing to a settlement, according to Ontario Superior Court of Justice documents.
BMO issued a demand for payment on April 5, 2023, but then subsequently reached a forbearance agreement that gave the owners until May 31, 2023 to repay the debt, or until June 30, 2023 if they obtained a term sheet or offer letter for the refinancing of the loans by May 31. After Usman provided a copy of the 10587699 Canada Corp lease, the receiver found more discrepancies between the lease and the rent roll information provided by the bank, regarding the units occupied, rent rates, and rent terms.
The court granted the receiver's request for an order compelling access, but the owners still refused to comply, which impeded the sales process and impaired the value of the property, the receiver claimed.by Mike Czestochowski, Lauren White, Arlin Markowitz, Teddy Taggart, Alex Edmison, and Jackson Turner of CBRE with an asking price of $10M.
As of April 1, BMO was owed $8,354,997.09, which included $562,907.55 in property tax arrears that BMO paid to the City of Toronto during the receivership.