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About this project

Townhouse complex with one level of underground parking

Issue

A townhouse complex development was stalled and distressed after the developer filed for bankruptcy protection. The court-appointed receiver and manager required a detailed review of the project status and financials as well as ongoing advice during construction remobilization and construction in order complete the project and repay the construction loan.

Solution

In order to understand the status of the project, our team completed extensive site visits, initial cost-to-complete estimates, and provided advice on the project including structuring of agreements and negotiations with the contractor. From contract negotiation through remobilization and post-completion, we provided ongoing review and reporting until the loan was repaid.

Location

Toronto, ON

Sector

Residential

Stakeholders

Court-appointed receiver & manager

Services

Project management, budgeting, payment verification, liens review, cost-to-complete estimates, compliance with contractual & legal documentation, schedule & occupancy management, deficiencies review, change orders, and Tarion reporting.

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