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

nicolephillipe said:
Guys another article about uptown vandyk
storeys.com

Vandyk Properties Facing Receivership Over $203M Debt

Real estate developer Vandyk Properties is staring down the barrel of a receivership as lenders seek to recover more than $203M owed in relation to a number of development projects.KingSett Mortgage Corporation and Dorr Capital Corporation filed an application on Monday requesting that a...
storeys.com storeys.com
Click to expand...
what happens to project If In receivership?
 
jbaa1 said:
Who are the lawyers again holding the deposits?
Click to expand...
SR law is the law firm holding deposits. The same firm ran into a problem with stateview homes where they released “common element” condo deposits prior to any sort of final site plan approval. Tarion/ HCRA is actually trying to put a trust mortgage on all the stateview properties. Unless these deposits were bonded there may be a similar challenge to the vandyk properties. This firm seems notorious to working with these builders - stateview vandyk sunrise and forme development all in receivership
 
torontomans34 said:
SR law is the law firm holding deposits. The same firm ran into a problem with stateview homes where they released “common element” condo deposits prior to any sort of final site plan approval. Tarion/ HCRA is actually trying to put a trust mortgage on all the stateview properties. Unless these deposits were bonded there may be a similar challenge to the vandyk properties. This firm seems notorious to working with these builders - stateview vandyk sunrise and forme development all in receivership
Click to expand...
OMG! This is becoming a nightmare. That means there is a possibility that the lawyers could have collude with Vandyk and our deposit is gone...only Tarion guaranteed $20k visible if that is the case
 
gquest said:
OMG! This is becoming a nightmare. That means there is a possibility that the lawyers could have collude with Vandyk and our deposit is gone...only Tarion guaranteed $20k visible if that is the case
Click to expand...
Check out the stateview receivership. I know about this as I bought a “common element condo” off senator homes and sr law was the condo lawyer. If the builder falls under a condo the firm cannot release without “bonding”. The action against stateview argues that stateview should have never released the deposits for a bunch of reasons primarily that no approvals in place, construction hadn’t started and the project should be a “deemed condo project”

It’s interesting to see what the result will be
 
torontomans34 said:
Check out the stateview receivership. I know about this as I bought a “common element condo” off senator homes and sr law was the condo lawyer. If the builder falls under a condo the firm cannot release without “bonding”. The action against stateview argues that stateview should have never released the deposits for a bunch of reasons primarily that no approvals in place, construction hadn’t started and the project should be a “deemed condo project”

It’s interesting to see what the result will be
Click to expand...
Sorry to hear about this. I'm reading the about the proceeding on KSV case log to get a sense of what to expect.

Have they said anything about how and when you'll your deposit?
 
I fortunately did not buy stateview. I bought senator homes which did end up closing with a little delay and the sr law firm refused to release deposits unless the builder “bonded” them

For stateview tarion will give you $20,000 back but most of the purchases gave $100k plus and those monies are gone…..

It’s kind of weird they let stateview and vandyk release deposits for these projects which are now seriously underwater and devalued
 
torontomans34 said:
SR law is the law firm holding deposits. The same firm ran into a problem with stateview homes where they released “common element” condo deposits prior to any sort of final site plan approval. Tarion/ HCRA is actually trying to put a trust mortgage on all the stateview properties. Unless these deposits were bonded there may be a similar challenge to the vandyk properties. This firm seems notorious to working with these builders - stateview vandyk sunrise and forme development all in receivership
Click to expand...
My deposits are with
Letter from Lawyers that holdin deposits
  1. Schneider Ruggiero LLP, that is the declarant's solicitor.
Someone here in this group called them and they still have deposits hrld in trust..
 
I just read through the Stateview Receivership Proceedings. Turns out that all their projects are either detached or townhouse. The townhouse are not registered as a condominium. I think there's a loophole that allows builders to access the deposits without bomding it if it's not a condominium.

In summary, Stateview had spent all the deposits directly/indirectly on the projects. Nothing was left the bank accounts. The new builders that bought the projects did not honor the previous APS and buyers could only get Tarion covered portion.
 
Deanfeb said:
My deposits are with
Letter from Lawyers that holdin deposits
  1. Schneider Ruggiero LLP, that is the declarant's solicitor.
Someone here in this group called them and they still have deposits hrld in trust..
Click to expand...
I remember that post. I think @torontomans34 point is that Solicitors can collude with builders regardless. This is fraud though but who knows. We'll stay positive.
 
that's great that the deposits are still held in trust for vandyk unlike what is going on with the stateview receivership. It's odd that the same firm is involved at the same time with somewhat experienced developers have problems. i guess the industry is small.
 
torontomans34 said:
that's great that the deposits are still held in trust for vandyk unlike what is going on with the stateview receivership. It's odd that the same firm is involved at the same time with somewhat experienced developers have problems. i guess the industry is small.
Click to expand...

Are you stuck in some vandyk properties too?

I’m emailing my lawyer and Vandyk’s lawyer, that I would like my deposits back due to Uptowns cancelling and in receivership. See if I can get it sooner lol. I really don’t want to wait 10 years.
 
You must log in or register to post here.

Back
Top