- What Quarry Rock has been ordered to repay nearly $15m of debt
- Why The embattled developer is undergoing several foreclosures as it defaults on debt
- What next The company is attempting to sell various parcels around the Vancouver area
The Supreme Court of British Columbia on July 31 paved the way for foreclosure on two lots owned by Quarry Rock Developments to satisfy nearly $15m of debt owed to CareVest Capital, Green Street News can reveal.
The parcels, at 10555 64 Avenue in Delta, were already on the block for $45m. Cushman & Wakefield has the marketing assignment.
According to the court order, Quarry Rock and related entities have until Jan. 31 to repay the loan, which matured last November and is collecting interest at 15% per year, compounded monthly. As of July 31, the debt was at $14.7m.
“If the properties are not redeemed, the petitioner may apply for an order absolute of foreclosure,” the order reads.
Separately, a land assembly in the Vancouver suburb of Langley Township also subject to a court-ordered sale has been listed for $14m.
Quarry Rock and its affiliates were ordered to sell the properties at 7021 and 7033 204 Street to satisfy more than $8m of debt owed to Amur Capital Income, according to court documents.
Interest on the mortgage was collecting at $3,300 per day as of June 10, according to the order, filed on June 10 in Supreme Court. The initial foreclosure petition was filed on April 3.
Colliers has the marketing assignment. A third property, at 7007 204 Street, adjoining the two parcels also has been ordered sold, with NAI Commercial handling the marketing assignment.
The third property has been listed for $6.5m.
A 386-unit residential development was slated to be constructed on the land and had passed third reading by the council in Langley. A source said the project could be rezoned to an all-rental development.
According to marketing materials, the land is in an amenity-rich area with a lack of housing supply.
The developments are the latest in the troubled saga of Burnaby-based Quarry Rock. The company has several properties under court foreclosure proceedings, including the Willoughby.
The 87-unit project was put in receivership last year after Quarry Rock failed to pay a reported $40m of debt. The project sold for $35m.
Update (8/22/2024): This story has been updated to include the list price of the sale being brokered by NAI Commercial.
