“Lenders behind troubled luxury condo One Bloor West (formerly The One) are suing paving tycoon Jenny Coco and real estate mogul Sam Mizrahi over allegations that they have defaulted as guarantors of the project's loans.
KEB Hana Bank, acting as trustee of two South Korean private real estate funds, is demanding that Coco and Mizrahi repay $1.5 billion in outstanding principal, interest and fees, according to a notice of application filed in court on Aug. 19.
The filing states that Coco and Mizrahi are guarantors on the loans in a personal capacity, meaning their personal assets — including homes, incomes and bank accounts — could be on the hook if KEB Hana Bank's application succeeds, according to real estate lawyers who read the document at the Star's request.“
Mizrahi Developments was ousted as developer of the iconic Toronto skyscraper, now called One Bloor West, in February 2024, after the project was placed into receivership.
www.thestar.com