- What Four sites formerly owned by Vandyk Properties are up for sale
- Why Lenders are seeking to recover funds backed by the properties
- What next JLL and Colliers are running the marketing campaigns
Four residential and mixed-use development sites in Toronto that fell into receivership are on the market and could fetch more than $117m combined, Green Street News can reveal.
The offerings comprise three high-rise projects and a proposed townhouse project in the city’s west end. All were owned by Vandyk Properties, an embattled local builder that has seen 11 of its properties moved to receivership after defaulting on some $460 million of debt.
JLL has the listings for two of the properties, including a partially constructed 234-unit residential condominium dubbed King’s Mill. The asking price for the 10-storey building, at 15 Neighbourhood Lane, is $55 million. That’s close to the $55.1m that lenders MCAP ($38m) and Westmount Capital Mortgage ($17.1m) are seeking to recover on the property.
Some 91% of the condos have been pre-sold, though a buyer would have the option to cancel those sale contracts.
JLL also has the marketing assignment for 23 Buckingham Street, which was set to be part of a master-planned community near the Mimico GO train station. The parcel has been approved for three high-rises, totaling 586,000 sq ft, that would have 749 residential units, 20,000 sq ft of retail space and a 50,000 sq ft office component. It’s been valued at $65/sq ft to $70/sq ft, or $38m to $41m.
That’s a fraction of the $100.3 million of debt collateralized by the property. The lenders are Westmount ($70m), MCAP ($39.5m) and Maxims Holdings ($800,000).
Colliers is marketing the other two properties, 48-52 Newcastle Street and 41 Wabash Avenue. The Newcastle Street site, totaling 0.4 acres, has a pending development application to construct a 51-storey tower with 500 residential units. The estimated valuation is $16m — well below the $40m that its lenders, Diversified Capital and Fiera Capital, are looking to recover on the site.
The Wabash Avenue project is zoned and shovel-ready for a four-storey luxury townhouse development. It’s valued at around $10m — close to the $10.4m that its lenders, Fiera and an unidentified company, are seeking to recover through the receivership.
The Wabash Avenue property previously was put up for sale under receivership in 2022, when Vandyk bought it from developer Curated Properties.
