ProjectEnd
Superstar
A site worth maybe $11-13M trying to get almost double that in the deadest market in 30 years. Gooooooooooooooood luck, folks!
- Thread starter AlbertC
- Start date
1Ć0
Active Member
HousingNowTO
Senior Member
UPDATED -Dundas West Development Site From TAS Under Receivership With $17.5M Debt
On March 6, the Ontario Superior Court of Justice appointed a receiver over 3775-4005 Dundas Street West, a 1.28-acre property owned by Toronto-based real estate developer and asset manager TAS. The appointment order stems from an application made by Cameron Stephens Mortgage Capital on December 11, 2024, which describes indebtedness exceeding $17.5 million and a failed attempt to sell.
Dundas West Development Site From TAS Under Receivership With $17.5M Debt
The appointment order stems from an application made by Cameron Stephens Mortgage Capital, which describes indebtedness exceeding $17.5 million and a failed attempt to sell.storeys.com
Colliers Lists Dundas West Development Site From TAS Under Receivership
The site at 3775-4005 Dundas Street West has been successfully rezoned for a 13-storey mixed-use building with 297 rental apartment units.
storeys.com
ProjectEnd
Superstar
I would *love* to see those comparables...
A Torontonian Now
Senior Member
Dead as ever, just documenting for posterity. Taken today:
AlbertC
Superstar
Looks like this site just got sold with a transaction date of yesterday, Feb 24, 2026:
ProjectEnd
Superstar
The buyer taking on the ~$18-19M of debt on the site too?
1Ć0
Active Member
A Torontonian Now
Senior Member
No.
If you click through on the Colliers link, it's a receivership sale, meaning the proceeds of the sale are going first to clear the debt (or as much of it as possible) and the owner will only get proceeds if the sale price exceeds the value of the debt. The new owner will take it clear of debt.
ProjectEnd
Superstar
Yes but the sale price is nowhere near the debt load.
A Torontonian Now
Senior Member
Meaning the creditors took a haircut.
rickvbiker
New Member
Do you know how much it sold for? I don't see it in the linked articles.
Would the new owner have to go through the development approval process again or can the old approvals be used?
ProjectEnd
Superstar
Yes.
New owner can do whatever they want. I suspect they'll be going back for more, but we're in a market now where additional density doesn't matter at all.
Occam's Razor, sure, but it's a decent chunk of change that I don't see CS just walking away from. Time will tell, I guess...
Northern Light
Superstar
CS - Cameron Stephens for those that don't know............ is taking more than one haircut.......they are involved a in a lot insolvency proceedings. (You know this, but for others)...... man that's a lot of red ink spilled.
Northern Light
Superstar
Speaking of the transaction here.
The new ownership is now public via Renx:
renx.ca
From the above:
@Paclo
The new ownership is now public via Renx:
Cogir acquires Toronto Dundas West property in receivership sale
A mid-sized Toronto development project placed under receivership just over a year ago has been sold, according to Ontario Superior Court filings – a relatively rare occurrence at a time when projects are regularly becoming insolvent but few are transacting.
renx.ca
From the above:
@Paclo