Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

Deanfeb said:
Reply from SR Law.. guess everything is over to KSV now..

We ask that you direct any questions regarding the various Vandyk receiverships to the receiver, KSV Restructuring Inc., at mtallat@ksvadvisory.com, with their counsel (drosenblat@osler.com)
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Hello Dean
We purchased back in 2017...like you did.
I would like to send an email as well.
May I ask what did write in email to the SR law/KSV restructuring.
Thank you
 
nicolephillipe said:
Hello Dean
We purchased back in 2017...like you did.
I would like to send an email as well.
May I ask what did write in email to the SR law/KSV restructuring.
Thank you
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Just ask if your purchase somehow does not go through if your deposit will be return with interest or not? You can also ask how the deposits are being held!
 
Deanfeb said:
Just ask if your purchase somehow does not go through if your deposit will be return with interest or not? You can also ask how the deposits are being held!
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KSV Meg Osling replied saying the same bs as indicated on website “

“the Receiver, after discussions with key stakeholders, has determined that these Projects should be completed during the receivership proceedings in order to maximize the potential benefits to stakeholders, including the secured lenders and the existing pre-sale home buyers.”. but nothing about deposits as that was my main question.. she did not mentioned price change either soni guess we have to wait for Uptown motion report!!
 
Deanfeb said:
KSV Meg Osling replied saying the same bs as indicated on website “

“the Receiver, after discussions with key stakeholders, has determined that these Projects should be completed during the receivership proceedings in order to maximize the potential benefits to stakeholders, including the secured lenders and the existing pre-sale home buyers.”. but nothing about deposits as that was my main question.. she did not mentioned price change either soni guess we have to wait for Uptown motion report!!
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Is there a deadline they’ll provide that info to us ?
 
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jbaa1 said:
Is there a deadline they’ll provide that info to us ?
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Nooe… just this..
Purchase agreements currently remain in full force and effect. When we have further information, we will post a notice to homebuyers on our website.

Thank you,

KSV Advisory Logo
Meg Ostling
Manager
T416.932.6022
M416.659.9187
Wwww.ksvadvisory.com
 
jbaa1 said:
Ridiculous. Like how don’t they know by now?
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While they have decided to complete the project, they might still be assessing the possible outcome of:
  • Increased building cost versus the average price paid per unit type.
  • Previous mismanagement of funds by Vandyk and how KSV will breakeven.
  • Risk of increasing buyers prices and remarketing of the project if needed.
DXE Lakeview issues are less complex compared to Uptowns. DXE never broke ground, they had a signed CM contract with PCL since 2022 which is still effective, the sale price is above the current market price, no mismanagement issues.

They might release our update after sorting out DXE. Let's say anytime from now to early July.
 
gquest said:
While they have decided to complete the project, they might still be assessing the possible outcome of:
  • Increased building cost versus the average price paid per unit type.
  • Previous mismanagement of funds by Vandyk and how KSV will breakeven.
  • Risk of increasing buyers prices and remarketing of the project if needed.
DXE Lakeview issues are less complex compared to Uptowns. DXE never broke ground, they had a signed CM contract with PCL since 2022 which is still effective, the sale price is above the current market price, no mismanagement issues.

They might release our update after sorting out DXE. Let's say anytime from now to early July.
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I wont be surprise if PCL the contractor for Uptown too
 
Bob Graham said:
No worries. Also note that their hired General Construction Management company "Toddglen" was fired from your site and they hired "PCL" to take over from them as they were doing such a horrendous job with your project and so far behind on construction. But ironically they hired the Project Manager from Toddglen directly with Vandyk and he is still running your project. His name is Don Gray.
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Longtime members of the thread might remember this mysterious fellow who dropped all the contact info of Vandyk upper brass - he mentioned here in June '23 that PCL was hired after they got rid of Toddglen. Lends some credence to PCL being the ones to take over again.
 
athundo said:
Longtime members of the thread might remember this mysterious fellow who dropped all the contact info of Vandyk upper brass - he mentioned here in June '23 that PCL was hired after they got rid of Toddglen. Lends some credence to PCL being the ones to take over again.
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Yeah I remember that member. He spilled lot of info on Vandyk. He should come spill some tea about KSV and the delay in communicating to buyers 🤭
 
Bob Graham said:
PCL has the same sort of issues as Toddglen. Mostly the issues are not on the Construction Management Group (I.E. Toddglen/PCL), it lye's upon the builder/Developer Vandyk Properties. Their mismanagement and payment of trades/suppliers as well as their high turnover within their head office and site personnel is the real reason the project is delayed and not progressing as it should. Look at the surrounding builders projects (i.e. National Homes) in your area and you will see that they have progressed with minimal delays (covid/city permit review times)
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