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

Hey guys, did anyone get any update from UpTowns? Please let me know I didn’t receive any bank letter or information from UpTown Brampton Heartlake please inform me.
 
Nandy said:
I have signed the purchase agreement in another Vandyk prompted project also located in HeartLake Road. (10194 Heart Lake Collection, Brampton). This site is yet to break ground and no construction has yet begun. We have paid 2 installments in advance. But the current state of Vandky and on ongoing receivership for nearby Uptowns is concerning. I would want to terminate my agreement with Vandly. Do not want to be in a state after 1 year where I have paid all the installments and even this project goes into Receivership. Are any others also having similar thoughts? There is no clear information anywhere on this and no proper response from Vandyk. I noticed that there was a 'Certificate of Litigation' by Lang Management on this property (10194 Heart Lake Collection) https://belltemple.com/casestudy/week-1-this-week-in-law-july-24-27-2023/
Click to expand...
you can find the latest update on Heartlake here. https://www.ksvadvisory.com/docs/de...-january-9-2024---final.pdf?sfvrsn=621084b3_3
 
MoniM said:
Hey guys, did anyone get any update from UpTowns? Please let me know I didn’t receive any bank letter or information from UpTown Brampton Heartlake please inform me.
Click to expand...
Yeah they’re bankrupt and shutting down uptowns
 
For those not able to access the article due to the paywall, I think this paragraph is of particular note with respect to this project:

The initial applications for insolvency were brought by KingSett and Dorr Capital Corp. who claim they are owed $186.4-million lent to those five Vandyk projects. Together, the sites represent 1,757 unbuilt homes with at least 830 conditionally sold to preconstruction buyers. In addition to claiming that Vandyk stopped making interest payments on its loans in the summer of 2023, the Kingsett/Dorr application alleges that Vandyk companies diverted $37-million from the Uptowns and Lakeview projects for other uses not contemplated by the original agreements. [Emphasis added]
Click to expand...

My understanding of this is that, according to Kingsett & Dorr, a large chunk of the construction loan that should have been used to construct Uptowns was diverted "for other uses". Whether that is personal use, use on other projects, or something else entirely is unclear from the article.
 
A Torontonian Now said:
For those not able to access the article due to the paywall, I think this paragraph is of particular note with respect to this project:



My understanding of this is that, according to Kingsett & Dorr, a large chunk of the construction loan that should have been used to construct Uptowns was diverted "for other uses". Whether that is personal use, use on other projects, or something else entirely is unclear from the article.
Click to expand...
Oh this is going to get ugly!
 
MoniM said:
Hey guys, did anyone get any update from UpTowns? Please let me know I didn’t receive any bank letter or information from UpTown Brampton Heartlake please inform me.
Click to expand...
We also didn’t receive any updates or bank letters. I heard we have to speak to a litigation lawyer. I’ll be speaking to one next week, please let me know if you’d like to join me
 
Hi Guys, I am so confused about our deposit , are uptowns 100% full deposit back and when will be notified ? any help will be appreciated.
 
You must log in or register to post here.

Back
Top