s100
New Member
One Bloor Street East Chart
Here's a chart I made ... it shows some of the transactions with the 1 Bloor Street East property since 2005, when the City sold it. The dotted lines show a relationship and I arranged it in rough chronological order. I am a bit confused about the 2 wk mortgage in 2006 for $32.7 million involving Bazis, prior to the transfer of the property to them??
Update: The City transaction is related to "Roy's Lane", as it was termed prior to the wrecking ball.
Here is a breakdown of the items in the chart:
Land at the south east corner of Yonge and Bloor streets, in the City of Toronto, is valued at $31 million in 2005.
Nastapoka Holdings Inc., who has been involved in these lands since 1990, and is related to Canada Square Management Ltd., mortgages the land for $8.2 million to CIBC in March 2005.
They duplicate this mortgage in April 2006, for $8.2 million again. These CIBC mortgages, totalling $16.4 million, are discharged in November 2006. Six days after their discharge, Nastapoka mortgages the lands to Bazis International Inc., a Kazakh company (more on Bazis later), for $32.7 million.
This Bazis mortgage is discharged two weeks later, at the same time as the "sale" of the lands to One Bloor Street East Limited, for $62.8 million. Also that same day, One Bloor Street East Limited mortgages the lands to Canada Square Management Ltd., for $15 million, and Societe General, for $35 million.
About one year later, One Bloor Street East Limited mortgages the lands to the Bank of Nova Scotia, for $13.75 million, and Societe General, for $50 million.
Thus, One Bloor Street East gave a total of $100 million of mortgages in one year, to December 2007.
Further, the statement on the Robins, Appleby & Taub LLP website, already quoted in this forum, that,
"One Bloor Street East Limited purchased the property on behalf of a limited partnership representing the interests of our client, Bazis International Inc., and Lehman Brothers."
is confusing for me: how did One Bloor Street East Limited purchase any property on behalf of anyone without there being any indication, on title, of a transfer "in trust"? And, if Lehman Brothers have an "interest" in the property, how do they have such interest, and how much exposure does One Bloor Street East have to Lehman Brothers?
Here's a chart I made ... it shows some of the transactions with the 1 Bloor Street East property since 2005, when the City sold it. The dotted lines show a relationship and I arranged it in rough chronological order. I am a bit confused about the 2 wk mortgage in 2006 for $32.7 million involving Bazis, prior to the transfer of the property to them??
Update: The City transaction is related to "Roy's Lane", as it was termed prior to the wrecking ball.
Here is a breakdown of the items in the chart:
Land at the south east corner of Yonge and Bloor streets, in the City of Toronto, is valued at $31 million in 2005.
Nastapoka Holdings Inc., who has been involved in these lands since 1990, and is related to Canada Square Management Ltd., mortgages the land for $8.2 million to CIBC in March 2005.
They duplicate this mortgage in April 2006, for $8.2 million again. These CIBC mortgages, totalling $16.4 million, are discharged in November 2006. Six days after their discharge, Nastapoka mortgages the lands to Bazis International Inc., a Kazakh company (more on Bazis later), for $32.7 million.
This Bazis mortgage is discharged two weeks later, at the same time as the "sale" of the lands to One Bloor Street East Limited, for $62.8 million. Also that same day, One Bloor Street East Limited mortgages the lands to Canada Square Management Ltd., for $15 million, and Societe General, for $35 million.
About one year later, One Bloor Street East Limited mortgages the lands to the Bank of Nova Scotia, for $13.75 million, and Societe General, for $50 million.
Thus, One Bloor Street East gave a total of $100 million of mortgages in one year, to December 2007.
Further, the statement on the Robins, Appleby & Taub LLP website, already quoted in this forum, that,
"One Bloor Street East Limited purchased the property on behalf of a limited partnership representing the interests of our client, Bazis International Inc., and Lehman Brothers."
is confusing for me: how did One Bloor Street East Limited purchase any property on behalf of anyone without there being any indication, on title, of a transfer "in trust"? And, if Lehman Brothers have an "interest" in the property, how do they have such interest, and how much exposure does One Bloor Street East have to Lehman Brothers?
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