Alberta · CCAA
First Affidavit of Gregory Christenson
Affidavit · 6 October 2025
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 filing37 verified
- financial positionnote: Estimated market value of the Communities is set forth separately in a sealed Confidential Supplemental Affidavit, not disclosed here; total liabilities not stated in aggregate in this document · page: 8 · as at: 2025-08-28 · basis: net book value per accountant-prepared financial statements referenced in the affidavit · scope: Applicants' property consisting of the Communities (real estate), exclusive of other real estate assets (undeveloped lands adjacent to Southwoods, Glastonbury and Royal Oak, and commercial strip mall adjacent to Westmount) · currency: CAD · total assets: 253565211
- secured creditorsnote: Distinct loan from the Park Avenue Phase 1 inventory take-out above · page: 9 · amount: 3549537 · debtor: Park Avenue Phase 1 · creditor: Addenda/Canada ICI · currency: CAD · security: Rental take-out mortgage
- secured creditorspage: 9 · amount: 4762688 · debtor: Park Avenue Phase 2 · creditor: Equitable Trust/Canada ICI · currency: CAD · security: Construction take-out mortgage
- secured creditorspage: 9 · amount: 4115980 · debtor: Bedford Village Phases 1, 2, 3 · creditor: Canada ICI · currency: CAD · security: Construction take-out mortgage
- secured creditorspage: 9 · amount: 2672600 · debtor: Park Avenue Phase 1 · creditor: Addenda/Canada ICI · currency: CAD · security: Inventory take-out mortgage
- secured creditorsnote: Table prints amount as "$18,500,00" (apparent missing trailing zero); Pillar also holds a guarantee and second mortgage charge over the Devonshire Community as contingent collateral for shortfalls on Timberstone/Westmount disposition (not anticipated to be needed) · page: 9 · as of: 2025-10-03 · amount: 18500000 · debtor: Timberstone Mews (Timberstone Communities Ltd. / Timberstone Mews Ltd.) · creditor: Pillar Capital · currency: CAD · security: Take-out mortgage refinancing ATB; assignment of ATB's first mortgage security on the Timberstone Community
- secured creditorspage: 9 · amount: 12791364 · debtor: Royal Oak Manor Phase 2 · creditor: Peoples Trust/Canada ICI/CMHC · currency: CAD · security: Construction take-out mortgage
- secured creditorspage: 9 · amount: 3697764 · debtor: Royal Oak Mews Phase 2 · creditor: Canada ICI · currency: CAD · security: Construction take-out mortgage
- secured creditorsnote: Matches Canada ICI loan of same amount reported in Christenson Equities Ltd. financial statements (page 141) maturing June 1, 2026 at 3.5% · page: 9 · amount: 5720367 · debtor: Southwoods Court North · creditor: Canada ICI · currency: CAD · security: Construction take-out mortgage
- secured creditorspage: 9 · amount: 1188742 · debtor: Westmount Village The Manor Phase 1 · creditor: ABCU Credit Union · currency: CAD · security: Commercial mortgage
- secured creditorsnote: Pillar also holds a guarantee and second mortgage charge over the Devonshire Community as contingent collateral for shortfalls on Timberstone/Westmount disposition (not anticipated to be needed) · page: 9 · as of: 2025-10-03 · amount: 9500000 · debtor: Westmount Village The Manor (Christenson Village at Westmount Ltd.) · creditor: Pillar Capital · currency: CAD · security: Take-out mortgage refinancing ATB; assignment of ATB's first mortgage security on the Westmount Community
- secured creditorspage: 9 · amount: 15692945 · debtor: Whitecourt Village Ltd. · creditor: National Bank/CMHC · currency: CAD · security: Construction take-out mortgage
- secured creditorspage: 9 · amount: 4993031 · debtor: Christenson Equities Ltd., Bedford Village Ltd. (Bedford), Citadel Mews East Ltd. (CME), Southwoods Court North, Park Avenue at Creekside Ltd., Royal Oak Dev. Lacombe Ltd. · creditor: Canada ICI · currency: CAD · security: Revolving line of credit
- secured creditorspage: 9 · amount: 20629808 · debtor: Devonshire Village Ltd. · creditor: Servus Credit Union · currency: CAD · security: Inventory mortgage
- secured creditorspage: 9 · amount: 843698 · debtor: Bedford Village Commercial · creditor: ABCU Credit Union · currency: CAD · security: Commercial mortgage
- secured creditorspage: 10 · amount: 538074 · debtor: 585436 Alberta Ltd. · creditor: RBC · currency: CAD · security: Operating loan
- secured creditorspage: 10 · amount: 2137500 · debtor: Glastonbury Village Ltd. · creditor: Canada ICI · currency: CAD · security: Land loan mortgage
- secured creditorsnote: Relationship of lender to Christenson Group not disclosed · page: 10 · amount: 596720 · debtor: Bedford Village Ltd. · creditor: 996130 Alberta Ltd. · currency: CAD · security: Land loan mortgage
- secured creditorsnote: Document's own stated combined indebtedness to secured lenders (para 49); sum of the individual loans in the Loan Debt chart on pages 9-10 is materially higher (~$123.9M) and this discrepancy is not reconciled in the document · page: 10 · as of: 2025-10-03 · amount: 105171683 · debtor: Christenson Group (collectively) · creditor: Christenson Group secured lenders (combined, per affidavit) · currency: CAD
- secured creditorspage: 10 · amount: 11740865 · debtor: Glastonbury Mews Ltd. · creditor: Addenda · currency: CAD · security: Inventory mortgage
- secured creditorsnote: Devonshire Security Corp. is used for the Citadel Mews East Community per para 65(d); trustee for individual Life Lessors · page: 12 · as of: 2025-10-06 · amount: 29890193.1 · debtor: Citadel Mews Ltd. (Citadel Mews East) · creditor: Devonshire Security Corp. · currency: CAD · security: Blanket second mortgage over Citadel Mews East land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 12 · as of: 2025-10-06 · amount: 55561664.85 · debtor: Devonshire Village Ltd. · creditor: Devonshire Security Corp. · currency: CAD · security: Blanket second mortgage over Devonshire Village land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 12 · as of: 2025-10-06 · amount: 13220778.41 · debtor: Glastonbury Village Ltd. / Glastonbury Mews Ltd. · creditor: Glastonbury Security Corp. · currency: CAD · security: Blanket second mortgage over Glastonbury Mews land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Security Company is trustee/borrower for numerous individual resident Life Lessors (individuals not named); amount = total Life Lease funds owed (present leases + queue) per table; document's grand total across all Communities is stated elsewhere as $194,786,570 (para 67) vs sum of table $194,417,879.29 - discrepancy not reconciled · page: 12 · as of: 2025-10-06 · amount: 52072485.87 · debtor: Bedford Village Ltd. · creditor: Bedford Security Corp. · currency: CAD · security: Blanket second mortgage over Bedford Village land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 13 · as of: 2025-10-06 · amount: 8194717.8 · debtor: Royal Oak Dev. Lacombe Ltd. · creditor: Royal Oak Mortgage Security Services Inc. · currency: CAD · security: Blanket second mortgage over Royal Oak Village land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 13 · as of: 2025-10-06 · amount: 6170701.39 · debtor: Christenson Equities Ltd. (Southwoods Court North) · creditor: Southwoods Security Corp. · currency: CAD · security: Blanket second mortgage over Southwoods Court North land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 13 · as of: 2025-10-06 · amount: 7159997.28 · debtor: Timberstone Communities Ltd. · creditor: Timberstone Mews Security Corp. · currency: CAD · security: Blanket second mortgage over Timberstone Mews land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 13 · as of: 2025-10-06 · amount: 18717257.51 · debtor: Christenson Village at Westmount Ltd. · creditor: Westmount Security Corp. · currency: CAD · security: Blanket second mortgage over Westmount Village land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Trustee for numerous individual resident Life Lessors · page: 13 · as of: 2025-10-06 · amount: 3430083.08 · debtor: Park Avenue at Creekside Ltd. · creditor: Park Avenue Security Corp. · currency: CAD · security: Blanket second mortgage over Park Avenue land held in trust for individual Life Lessors, registered behind first mortgage lender security
- secured creditorsnote: Interest 2.70%, blended monthly instalments of $82,161, maturing December 1, 2025; per compiled financial information · page: 141 · as of: 2024-04-30 · amount: 13338650 · debtor: Christenson Equities Ltd. · creditor: People's Trust · currency: CAD · security: Mortgage payable (specific collateral not detailed in note)
- secured creditorsnote: Interest 1.82%, blended monthly instalments of $19,098, maturing March 1, 2031 · page: 141 · as of: 2024-04-30 · amount: 4066233 · debtor: Christenson Equities Ltd. · creditor: People's Trust · currency: CAD · security: Mortgage payable (specific collateral not detailed in note)
- secured creditorsnote: Interest 2.35%, blended monthly payments of $13,923, maturing April 15, 2025 · page: 141 · as of: 2024-04-30 · amount: 2227373 · debtor: Christenson Equities Ltd. · creditor: Industrial Alliance · currency: CAD · security: Mortgage payable (specific collateral not detailed in note)
- secured creditorsnote: Interest 8%, monthly instalments of $9,000, due June 14, 2024; relationship of lender to Christenson Group not disclosed · page: 141 · as of: 2024-04-30 · amount: 2078745 · debtor: Christenson Equities Ltd. · creditor: 851896 Alberta Ltd. · currency: CAD · security: Loan payable (specific collateral not detailed in note)
- secured creditorsnote: Interest 2.55%, blended monthly instalments of $6,930, maturing June 15, 2024 · page: 141 · as of: 2024-04-30 · amount: 959812 · debtor: Christenson Equities Ltd. · creditor: Industrial Alliance · currency: CAD · security: Mortgage payable (specific collateral not detailed in note)
- secured creditorsnote: Interest 9.25% per annum, due on demand · page: 141 · as of: 2024-04-30 · amount: 7692782 · debtor: Christenson Equities Ltd. · creditor: Canada ICI · currency: CAD · security: Interest-only term loan due on demand
- secured creditorsnote: Interest 3.5%, blended monthly instalments of $27,137, maturing June 1, 2026; balance matches Southwoods Court North Construction Take-out loan in main affidavit chart · page: 141 · as of: 2024-04-30 · amount: 5720367 · debtor: Christenson Equities Ltd. · creditor: Canada ICI · currency: CAD · security: Mortgage payable (specific collateral not detailed in note)
- secured creditorsnote: Related-party guarantors (585436 Alberta Ltd. and Christenson Equities Ltd.) and a personal guarantee from the sole director (individual not named per convention); maturing December 15, 2026 · page: 168 · as of: 2023-12-31 · amount: 20245704 · debtor: Devonshire Village Ltd., Devonshire Manor Phase 1,2,3 (A Partnership), Devonshire Mews Phase 3 (A Partnership) (joint borrowers) · creditor: Canada ICI · currency: CAD · security: Mortgage at 3.74% secured by land and buildings (combined NBV ~$20.6M-$21.4M across joint borrowers), general security agreement (fixed charge over all present and after-acquired property), corporate guarantees of 585436 Alberta Ltd. and Christenson Equities Ltd., guarantees of shareholders/partners, personal guarantee from the director, assignment of rents/leases, security deposits, life lease buybacks, and life lease/care funding agreements