Ontario · Receivership (court-appointed)
Sales Officer First Report to Court
Court officer report · 6 May 2024
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What we verified from this filing5 verified
- secured creditorsnote: Frontenac Loan (per Commitment Letter/Credit Agreement dated March 23, 2015, max principal $11.5M) comprised Facility One ($7.5M facility limit - purchase/construction), Facility Two ($4.0M facility limit - purchase, with conversion rights to equity), and Facility Four ($1.0M additional construction facility limit added Nov 2, 2016); these are facility limits, not the outstanding balance. Loan matured July 15, 2019 (renewed from original maturity), not repaid, interest continued to accrue to the stated balance. Patrick Mullins, CEO of Silver Maple, provided a personal limited guarantee of the Frontenac Loan (related-party/personal guarantor - individual, not a corporate creditor). · page: 7 · as of: 2024-02-19 · amount: 18901693 · debtor: 9114785 Canada Inc. c.o.b. Silver Maple Developments · creditor: Frontenac Mortgage Investment Corporation · currency: CAD · security: Commercial mortgage constituting first charge over the Real Property (registered principal amount $15,500,000, not a balance); General Security Agreement; General Assignment of Rents and Leases over the Real Property; Assignment of other key contracts relating to the Property.
- closing confirmedscope: the Property · outcome: completed · effective: 2015-07-01 · purchaser: Silver Maple · date basis: stated
- purchaserSilver Maple; price: sealed: false · scope: the Apartment Building · status: proposed · name note: party who provided the April LOI through Colliers, unnamed · structure: real_property · name source: recital · relationship: unstated
- sale advisorColliers Macaulay Nicolls Inc.
- sale outcometext: proposed sale process to market and sell the Property · scope: whole_business · status: process_approved