Surrey-based developer Maskeen is facing insolvency procedures on two tasks in the Fraser Valley, according to filings in the Supreme Court of British Columbia, and both jobs are now under receivership.One project lies at 13714-13758 Bentley Roadway and 13775 Grosvenor Road in Surrey, a couple of blocks northwest from Entrance Station and the intersection of 108 Avenue and King George Boulevard. For the site, Maskeen was planning three low-rise buildings with a grand overall of 216 systems to be delivered in 3 stages, according to a rezoning application. The task was named Victory.The other project
was set for 20120 86 Avenue in the Area of Langley, a couple of blocks south of the Sandman Signature Langley Hotel. For this site, Maskeen was planning a 39-storey tower with 331 units, and a six-storey structure with 133 systems, plus 48,750 sq. ft of commercial area. The job is not noted on Maskeen’s business website.Surrey MCAP Financial Corporation initiated receivership versus the Success project on January 7, 2026, pertaining to a loan arrangement the two sides participated in October 2022, which was later on changed several times to be lowered in size. According to MCAP, the designer told them that presales for Victory would start in early-2023, with building and construction beginning targeted for late-2023. The dates were then pushed back to the 2nd half of 2023 and 2024. Maskeen released Structure B in November 2023, reporting 44 presales and$24,400,000 in income. Building A was set to introduce in Q1 2024, but was delayed to June 2024. By July 2024, Maskeen reported 65 presales, and$36,900,000 in income across both buildings.However, under their loan contract, the designer was required to achieve$ 50,000,000 in presale income for building funding to
be advanced. The 2 sides amended the loan terms to transform the building and construction facility into a$24,000,000 non-revolving land center, shorten the maturity date to February 1, 2025, and consist of a covenant forbiding construction up until full repayment.The project lands initially included 13671 Grosvenor Road too, but the parcel was sold in addition to a subdivided portion of the project website in March 2025 for$11,750,000
. Regardless of the aforementioned covenant, however, MCAP states Maskeen commenced excavation, forming, and shoring on their own, and by June 2025, divulged that they owed $1,800,000 in
unsettled building and construction payables originating from that work, plus$369,000 in commissions.MCAP states they made an official demand for payment in July, then reached a forbearance agreement in October to give Maskeen time to protect financing. The designer secured a letter of intent from an undisclosed lending institution
, however did not close, leading to MCAP initiating the receivership. MCAP says they are owed$ 15,429,766.11 since January 5, 2026. Langley A rendering of the proposition for 20120 86 Avenue. (Flat Architecture)By this time, National Bank
had actually currently initiated receivership on the high-rise job in Langley. Their application, dated August 27, 2025, was referring to a first-ranking land loan for the primary quantity of$10,400,000, which was later on increased to $ 11,000,000. National Bank says the function of the loan was to”provide refinancing in relation
to a high-rise job “which Maskeen defaulted after stopping working to pay back the loan by the outdoors date of March 31, 2025. National Bank states they provided an official demand for payment in mid-July, did not receive payment, and hence started the receivership.National Bank said they were owed$11,104,159.83 as of July 14, 2025. They likewise kept in mind that Cedar Ridge Investments Ltd. holds a second-ranking mortgage on the property, but did not disclose the amount.Notably, the receivership application pointed out that the rezoning application for the job was set to be considered by the Town of Langley on September 15, 2025
, with the possibility of Council approving 3rd reading– tantamount to conditional approval.When Council thought about the job, nevertheless, it not only didn’t grant third reading, they delayed consideration of the application up until after the City updates its Willoughby Neighborhood Plan.In a court filing later on that month outlining their side, Maskeen stated the task faced a hold-up because of the suit over community amenity contributions(CACs)between Lorval Developments and the Town of Langley.
The court decision found the Township’s CAC policy to be void, and the Area subsequently engaged different impacted designers in negotiations to address CACs, resulting in the delay.Maskeen says the homes now have a worth of in between$20.3 million and$23.2 million as-is, and in between$ 22 million and $26 million with the application approval, including that they were attempting to secure refinancing. Nevertheless, National Bank’s receivership
application was nevertheless given.