The Lakeview DXE Club project at 1345 Lakeshore Road East in Mississauga was placed under receivership in November, along with several other Vandyk projects.In a somewhat surprising — but not completely unexpected — turn of events, the Lakeview DXE Club project by Vandyk Properties will be brought to completion while under the management of the court-appointed Receiver, KSV Advisory.
Since then, the Receiver has discovered that all of the pre-sale purchase agreements were held under a different entity, Vandyk – Lakeview-DXE-East Limited, which has since also been added to the receivership proceedings. According to the Receiver, 390 of the total 478 residential units have been sold.For the Lakeview project, Dorr Capital is the first-ranking mortgage holder, pursuant to a loan agreement reached with Vandyk Properties on November 5, 2021 for the principal amount of $34,000,000.
Several months after the receivership came into effect, the Ontario Superior Court approved the sales process for most of Vandyk's projects, but excluded the Lakeview DXE Club project at the request of the Receiver, who said in early-March that they were "in the process of advancing a realization strategy" for the project.