British Columbia · CCAA
Notice of Application - Petitioner
Application / notice of application · 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 filing3 verified
- secured creditorsnote: Amount is the 'Indebtedness' claimed by the applicants as at Oct 7, 2026; interest and costs continue to accrue. Declaration and judgment sought by this application (not yet granted on the face of the notice; proposed order at pages 18-22 would grant it). Loan in default since April 1, 2025 maturity; demands began June 17, 2026. Interest: higher of one-month Adjusted Term CORRA + 350 bps or 8.80% per annum. Monitor's counsel opined the security is valid and perfected. Applicants also hold the stalking horse bid in the CCAA sale process, which includes all amounts owed to them. Proposed priority is subject to the Administration Charge and Interim Lender's Charge. · page: 3 · as of: 2026-10-07 · amount: 127224362.88 · debtor: Portwood Development 3 Limited Partnership and Portwood Development 4 Limited Partnership (respondents incl. their GPs) · creditor: WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC (applicants; assignees of QuadReal Real Estate Debt (Canada) GP Inc. loan) · currency: CAD · security: First-ranking mortgage and assignment of rents over Phase 3 Real Property and Phase 4/5 Real Property (legal title held by nominee 1030 Cecile Drive Holdings Ltd.), plus site-specific security agreements, assignments of material project agreements, insurance, sale proceeds and deposits, beneficial owner agreements, and related indemnity arrangements; PPR registrations against PW 3 LP and PW 4 LP personal property. Original facility limit $160,000,000 (Original Loan Agreement); amended facility maximum $122,800,000 (Facility 1 $110,722,322 increasing to up to $112,757,383; Facility 2 LC facility $12,077,678 reducing to $10,042,617) — these are limits, not balances. Applicants acquired the loan from QuadReal under a Loan Purchase Agreement dated March 16, 2026.
- secured creditorsnote: Amount not stated. Per the notice, these registrations rank in priority behind the applicants' security (a position sought, not yet ordered). Related-party/affiliate status relative to applicants not stated on these pages. · page: 8 · debtor: Phase 3 and Phase 4/5 lands; PW 3 LP and PW 4 LP (PPR) · creditor: Woodbourne Canada Partners IV GP ULC, WB Canada Partners IV MF, LLC, WB Canada Partners IV (INT) MF Corp. (and Woodbourne Canada Partners IV (CA), LP for PPR) · currency: CAD · security: Registered mortgages and assignments of rents (CA7263756/CA7263757, Dec 20, 2018; CB1256064/CB1256065, Apr 11, 2024) against Phase 3 and Phase 4/5 lands; PPR registrations 305544Q (PW 3 LP) and 305653Q (PW 4 LP), Apr 10, 2024, over all present and after-acquired personal property related to the respective lands.
- secured creditorsnote: Amount not stated. Per the notice, ranks behind the applicants' interest (as sought). · page: 8 · debtor: Phase 3 Real Property (1218 Cecile Drive) and 1943 St. John's Street / 1142 Cecile Drive parcels · creditor: City of Port Moody · currency: CAD · security: Rent Charge CB564731 registered April 14, 2023