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A court ordered the sale of a condominium assignment in Vancouver’s West End because the developer owes more than $37 million to lenders and has defaulted on its loan.
The developer aimed to build a 22-story construction with 120 condominium sets and a six-story low-rise construction with 51 rental sets. The site at 1485 Davie Street, near English Bay, is a four-story former rental building.
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The developer is Align Properties, a Vancouver-founded company that was formerly known as Vivagrand Development Corp. and describes herself as part of the Xiangli Group, a real estate developer founded in Guangzhou, China.
Vivagrand purchased the in 2016 for $36. 5 million and in 2018 submitted a progression application to the City of Vancouver.
Vancouver-based loan lender Bancorp Financial Services initiated foreclosure proceedings last September, bringing an action against the numbered company that legally owns the site, as well as VK (Westend) Investment Limited Partnerships and other corporations and Americans named as guarantors.
The petition said Bancorp had lent $32 million to those borrowers in 2021. When they were unable to pay off their loan, Bancorp implemented the payment in March 2023. There is an agreement to run out the deadline until the end of September 2023, which meant Align Properties would have to pay the city its 2023 asset taxes.
However, Align did and owes the city more than $121,000, as well as some application fees.
Recently, the Supreme Court of Colombia-Britannique issued an order noting that Align owed more than $37 million, with interest added to $16,555 per day. He decided that Bancorp Financial could simply sell the assets for the amount owed to it.
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Avison Young includes the site on the list, asking for slightly more than its estimate of $41. 65 million. The marketing brochure states that 27 of the 51 sets in the site’s former rental building are empty.
“At one point, there were only 10 occupied apartments. It was pretty abandoned,” said Ian Main, a tenant who has lived there for more than 20 years.
After the owners bought the site, “they incentivized other people to move. A lot of other people did it right away,” he said.
Main added that many tenants have taken advantage of landlords’ relocation package and moved to places where they pay double or more rent.
“They did it to get something out of the situation,” he said.
As time went on and the new assignment stalled, they renovated some sets and welcomed new tenants.
“Maybe they found out that expenses weren’t coming down and they needed cash,” Main said.
He stated that the existing building is old and wants to be replaced.
Postmedia News tried to succeed at Align Properties through their social media accounts. One of them shows an address in downtown Vancouver, but the phone numbers related to the workplace did not lead to Align or any other indexed number out of service.
Vivagrand builds a 28-story condominium tower with 177 residential complexes on a site at 1555 Robson Street. Lenders turned to court after failing to get payments on their loans, with court documents from July 2023 stating that more than $41 million was owed. Vivagrand paid more than $79 million in October 2017 for the site.
In 2017, Vivagrand suddenly canceled a pre-sale condo assignment that was to be held at the Cambie Street saloon and sold the site, leaving more than 70 buyers who had signed two-year contracts with little more than their deposits, such as land costs and final condo. Costs went up.
jlee-young@postmedia. com
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