British Columbia · CCAA
Affidavit #1 of Michael Karp
Affidavit · 7 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- secured creditorsnote: Affidavit para 7: total of principal $108,392,106.63 + accrued interest $18,422,647.92 (= $126,814,754.55, stated at para 5 as at October 7, 2026) + professional fees and enforcement costs $409,608.33. Exhibit B calculates the total as at September 30, 2026 with interest accrued to October 7; interest continues to accrue after September 30, 2026. Interest rate stated as 10.80% per annum. Facility limits under the June 4, 2024 Amended and Restated Commitment Letter ($122.8M credit facilities; Facility 1 $110.7M; LC Facility up to $12.1M) are limits, not balances. Letter of credit exposure under the LC Facility is not separately quantified on these pages. The professional fees component is the Monitor (PwC), Monitor's counsel (Osler) and Petitioners' counsel (McEwan Cooper Kirkpatrick) per Exhibit B, including a WIP estimate for September. A second-ranking Woodbourne mortgage (CA7263756) with advances of about $51.78M is subordinated to the senior loan per the commitment letter (see separate entry). · page: 2 · as of: 2026-10-07 · amount: 127224362.88 · debtor: Portwood Development 3 Limited Partnership and Portwood Development 4 Limited Partnership (borrowers); guaranteed by 1030 Cecile Drive Holdings Ltd. (nominee, recourse limited to the Lands), Edgar Development Corp., Peter N. Edgar, Henry Edgar and three Woodbourne Canada Partners IV entities · creditor: WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC (Petitioners; acquired the senior loan from QuadReal Real Estate Debt (Canada) Limited Partnership under a Loan Purchase Agreement dated March 16, 2026) · currency: CAD · security: First-ranking mortgage over the Phase 3 Lands and Phase 4/5 Lands, registered in the principal amount of $176,000,000 (a registration amount, not the balance), plus related security documents and guarantees; the St. John's and Highview Lands are also charged
- secured creditorsnote: Related party: the Woodbourne lenders are affiliates of the guarantors and of the Petitioners' manager. The balance as at the filing date is not stated on these pages. The June 4, 2024 commitment letter records predevelopment advances of $51,780,346 (Initial $49,644,785 + Additional $2,135,215) as the amount required to remain in place; this is the figure as at June 2024, not a current balance. Whether the mortgage remains outstanding after the March 2026 loan purchase is not stated on these pages. · page: 48 · debtor: Portwood Development 3 Limited Partnership and Portwood Development 4 Limited Partnership · creditor: Woodbourne Lenders (Woodbourne Canada Partners IV (CA), LP, WB Canada Partners IV MF, LLC and WB Canada Partners IV (INT) MF Corp.) – subordinated Woodbourne Mortgage · currency: CAD · security: Mortgage CA7263756 (extended by CB1256064) and assignment of rents CA7263757 (extended by CB1256065), subordinated and postponed to the senior lender under a priority, postponement and subordination agreement with standstill provisions