Ontario · Receivership (court-appointed)
Application Record of Cameron Stephens Mortgage Capital Ltd. (for motion returnable December 11, 2023) (1 of 3)
Application / notice of application · 5 December 2023
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 filing8 verified
- secured creditorsnote: Amount is the registered charge principal, not a stated balance. Became third ranking charge following Postponement to the WPC Charge dated July 14, 2023, Instrument No. YR3573876. Berkley also appears as a PPSA registrant per Exhibit M search. · page: 29 · debtor: 2011836 Ontario Corp. / Jefferson Properties Limited Partnership ("Jefferson Debtors") · creditor: Berkley Insurance Company · currency: CAD · security: Charge/Mortgage registered March 15, 2022, Instrument No. YR3394837, registered principal $10,440,000.00, against the Jefferson Properties.
- secured creditorsnote: Amount is registered charge principal, not a stated balance. Became fourth ranking charge, having been postponed (per registered Postponements dated March 8, 2022, March 15, 2022, and July 14, 2023) to the Cameron Stephens Charge, the WPC Charge, and the Berkley Charge, respectively. · page: 30 · debtor: 2011836 Ontario Corp. / Jefferson Properties Limited Partnership ("Jefferson Debtors") · creditor: Dragon Holding Real Estate Fund SPC · currency: CAD · security: Charge/Mortgage registered January 22, 2020, Instrument No. YR3059206, registered principal $11,000,000.00, against the Jefferson Properties.
- secured creditorsnote: Amount is registered charge principal, not a stated balance. Became third ranking charge against the Jefferson Properties as a result of postponements from the Berkley Charge and Dragon Charge. · page: 30 · debtor: 2011836 Ontario Corp. / Jefferson Properties Limited Partnership ("Jefferson Debtors") · creditor: WPC GP I Inc. and Windsor Private Capital Limited Partnership · currency: CAD · security: Charge/Mortgage registered July 14, 2023, Instrument No. YR3573855, registered principal $5,000,000.00, against the Jefferson Properties.
- secured creditorsnote: Components per PPSA search (verbatim, no aggregate stated): The Brick Warehouse LP; Kubota Canada Ltd. · page: 30 · debtor: 2011836 Ontario Corp. / Jefferson Properties Limited Partnership ("Jefferson Debtors") · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA financing statement registrations per search results (Exhibit M).
- secured creditorsnote: Additional cross-collateral security under Forbearance Agreement dated September 28, 2023. Amount is registered mortgage principal, not a separately stated balance. · page: 32 · as of: 2023-10-04 · debtor: Amercan Corporation · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Third mortgage ("Baby Tar Island Security"), registered principal $3,500,000.00, Instrument No. LE151392, against property known as Baby Tar Island near Rockport, Ontario. Debtor also granted GSA registered under PPSA as Reg. No. 20230926 1703 1462 7761.
- secured creditorsnote: Additional cross-collateral security obtained under Forbearance Agreement dated September 28, 2023, securing the same underlying Loan indebtedness owed by the Jefferson Debtors (see main Cameron Stephens entry for balance). Amount shown is registered mortgage principal, not a separately stated balance. · page: 32 · as of: 2023-10-04 · debtor: 1000162801 Ontario Corp. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Second mortgage ("Bond/Bostwick Security"), registered principal $27,500,000.00, Instrument No. YR3604584, against 2, 6, 8 Bond Crescent and 8, 10, 12, 14, 16, 18 Bostwick Crescent, Richmond Hill. Debtor also granted GSA registered under PPSA as Reg. No. 20230926 1703 1462 7760.
- secured creditorsnote: Additional cross-collateral security under Forbearance Agreement dated September 28, 2023; mortgage was to be held in escrow and was registered subsequent to issuance of the Application. Amount is registered mortgage principal, not a separately stated balance. · page: 32 · as of: 2023-12-06 · debtor: 1000199992 Ontario Corp. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Second mortgage ("Winston Churchill Security"), registered principal $27,500,000.00, to be held in escrow, registered December 6, 2023 as Instrument No. PR4281070, against 6532 and 6544 Winston Churchill Boulevard, Mississauga.
- secured creditorsnote: Amount is exact dated indebtedness per Mortgage Statement (Exhibit V, dated December 5, 2023) as referenced in text stated 'As at December 6, 2023'. Prior approximate balance per Forbearance Agreement (Sept 28, 2023) was $40,090,073.55 plus interest at 7.20%/yr, legal costs and other permitted expenses. Personally guaranteed by Fangxi (Fanseay) Wang (principal/related party) under Guarantee dated March 8, 2022, and by original guarantor Amercan Corporation; Additional Guarantors (1000162801 Ontario Corp. and 1000199992 Ontario Corp.) also gave guarantee and postponement of claim dated September 29, 2023. · page: 33 · as of: 2023-12-06 · amount: 48376482.12 · debtor: 2011836 Ontario Corp. / Jefferson Properties Limited Partnership ("Jefferson Debtors") · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: First ranking Charge/Mortgage registered March 8, 2022, Instrument No. YR3391499, registered principal $69,093,600.00 against the Jefferson Properties; General Security Agreement dated March 8, 2022 (PPSA registration Feb 28, 2022, Reg. No. 20220228132715900114); General Assignment of Rents registered March 8, 2022, Instrument No. YR3391500. Loan facility limits: Construction Loan $54,878,000.00 and Letter of Credit Facility $2,700,000.00 (facility limits, not balances).