The Manderley by Toronto-based Nova Ridge Advancement Partners Inc. has actually been put under receivership, according to filings in Ontario Superior Court, however what makes the case unusual– although it is becoming more typical– is that construction on the project has actually been considerably completed.Located at 1478-1496 Kingston Roadway in the Birch Cliff area of Toronto, at the intersection with Manderley Drive, two blocks away from The Toronto Hunt Club, The Manderley is an 11-storey mixed-use advancement with 194 condominium units and 2 ground-level retail units.The job website explains it as a “boutique”condo project with”the
pulse of the city”and the”serenity of the lake,” as the coasts of Lake Ontario lie about one kilometre away.According to court documents, building and construction was substantially completed on April 28, 2026, with
the certificate of significant completion released on May 5, 2026. Nova Ridge beneficially owns the project through Nova Ridge(Manderley)Limited Collaboration and Nova Ridge (Manderley)GP Corp.The Receivership For the task, Nova Ridge protected a non-revolving term building and construction loan with a principal quantity of as much as$79,916,000
and a non-revolving letter of credit facility of as much as$2,500,000 from Singapore-based United Overseas Bank(UOB )– which has branches in Toronto, Calgary, and Vancouver– and Montreal-based Laurentian Bank of Canada, with UOB serving as the agent.Individually, UOB likewise supplied Nova Ridge with a non-revolving term mezzanine loan with a principal amount of as much as$9,050,000. According to UOB, the building and construction loan matured on
January 31, 2026 and the mezzanine loan then matured on February 28, with Nova Ridge stopping working to pay back both. On February 1, the two sides participated in a forbearance agreement to postpone enforcement for both loans, but the developer stopped working to make any interest payments as required under the forbearance arrangement. On April 21, the loan providers issued formal demands for payment.
Since June 8, the lending institutions are owed $21,123,337.16 under the building loan and UOB is owed $8,913,610.72 under the mezzanine loan, indicating Nova Ridge has an overall of$ 30,036,947.9 owing on the job, with interest continuing to accumulate on both loans. “Over the past several months, the Debtors have progressively stopped paying
their contractors and suppliers in the normal course,”said UOB in its receivership application, which was approved by the court on June 23.” As a result, liens have actually begun to be registered by overdue trades and suppliers versus the Real Property, in breach of the Loan Contracts and the Debenture.”According to UOB, a financial advisor likewise informed them in April that
Nova Ridge had transferred$3.6 million in task funds into accounts at TD Bank, when all job funds are needed to be kept in a UOB account. Nova Ridge then paid roughly $32,000 from the TD account to a subcontractor in order to close the sale for among the retail systems, without notifying UOB. The remaining quantities in the TD account have given that been transferred back to the UOB account.What Takes place Next According to the court-appointed Receiver, while the 2 retail units have actually both been sold
and the deals have actually
been finished, there remains 70 condominiums, 34 parking areas, 28 lockers, and 23 combined parking spots and lockers that are unsold, consisting of 47 apartments where the purchaser stopped working to close.The staying inventory will now go through a court-ordered sales process led by Milbourne Group, which the Receiver kept in mind was the sales representative
maintained by Nova Ridge to sell the units prior to the receivership.The Receiver, the lending institutions, and Milbourne have developed a sales plan that includes target prices. If a system is sold within the target cost, the transaction will not require more approval from the lending institution and court. The sales plan also consists of the possibility of selling units wholesale, with bulk sales of five or more units with an aggregate rate over$ 2 million requiring court approval.From a job perspective, finishing sales will likewise allow the liens against the task to be dealt with. According to court files, 11 liens for an overall of $11,357,528 have actually been registered.The Receiver says that eight
to 10 months will be required to finish the sales process.