Toronto skyscraper with $1.7 billion of debt has been put in receivership
BNN Bloomberg
A landmark condominium project in one of Toronto’s ritziest neighborhoods has been put into receivership after construction delays and cost overruns.
Construction of the 85-story tower will be taken over by a court-appointed receiver after its owners, developer Sam Mizrahi and investor Jenny Coco, defaulted on part of the project’s nearly $1.7 billion in debt (US$1.2 billion), according to a Wednesday order from the Ontario Superior Court of Justice.
Two funds run by South Korea-based IGIS Asset Management Co. applied for the receivership. Another IGIS fund will extend at least another $315 million to continue work on the project, court documents said.
The supertall tower sits at the corner of Yonge and Bloor Streets, near a stretch of upscale shops known locally as “The Mink Mile.” The building, called The One by its developers, has been one of the most high-profile projects in the lengthy condominium boom that has reshaped Toronto’s skyline.
