27 Developments: a later, higher bid for the Hotel Vie site, turned away

The building at 8440 Highway 27 in Vaughan is a 74,439-square-foot event centre and banquet hall, "French Chateau style" in the receiver's description, built for up to 3,300 people and set on about 8.09 acres. A wedding planner who wrote to the receiver called it Chateau Le Jardin. In or around 2018 its owner, 27 Developments Inc., began a redevelopment of the land: a twelve-storey building with 54 condo offices on the second and third floors and a 261-suite hotel, Hotel Vie, on the fourth through the twelfth. The company signed agreements with office buyers between July 2021 and January 2022, and a related company, Hotel Vie Signature Suite, Corp., was the vendor of the hotel suites through a share purchase program. When the receiver was appointed, construction had not begun, per the First Report, June 26, 2026, paras. 2, 16–18, 20, 106.

On July 29, 2026, Justice Vallee of the Ontario Superior Court of Justice approved the receiver's sale of the land and the hall to 2858929 Ontario Inc. (929 Ontario), with the banquet operator's lease assumed and the price under seal. A second order signed that day directs the escrow agent holding the office buyers' deposits to pay them back with interest, sends the net proceeds after the professionals' fees to the mortgage lender, BJK Holdings Ltd., up to what it is owed, and directs the receiver to put the company into bankruptcy, per the Approval and Vesting Order, July 29, 2026, paras. 1–2 and the Administrative & Discharge Order, July 29, 2026, paras. 3–8. The purchaser did not take on the office agreements. "Accordingly, the Development will not proceed," says the receiver's Factum, July 22, 2026, para. 35.

A lender in Lethbridge

BJK, a lender with its head office in Lethbridge, Alberta, agreed on May 10, 2023 to lend the company $31,800,000 against a first mortgage, an assignment of rents and a general security agreement, with guarantees from, among others, the Parentela Family Trust and Parentela International Inc. The company breached payment obligations as of May 27, 2024, BJK's senior advisor swore; BJK extended maturity to February 28, 2025, was not repaid, and served a demand and a notice of intention to enforce security on March 3, 2025. In a forbearance agreement that month the company confirmed it owed $31,128,997 plus interest and fees and consented to a receiver, per the Affidavit of Russ Zemp, May 26, 2025, paras. 2, 4, 11–23. An individual's $2,090,000 second mortgage, registered in 2020, had been subordinated to BJK in May 2023, per the First Report, June 26, 2026, para. 6.

Justice Clyde Smith appointed BDO Canada Limited receiver and manager on October 22, 2025. BJK's payout statement to the receiver put the debt, with costs, fees and interest, at approximately $39,138,083.96 to June 22, 2026, with a per diem of $21,163.03, per the First Report, June 26, 2026, paras. 1, 123.

Listed since 2023

The owner had been trying to sell or refinance the property "since at least 2023, without success," the receiver wrote. BJK told it that since September 2023 it had received refinancing term sheets or letters of intent from Carlo Parentela, a former director and officer of 27 Developments and an officer of Parentela International, its reported sole shareholder, ranging from $24,000,000 to $42,735,000, "none of which materialized," per the First Report, June 26, 2026, paras. 2–3, 34, 54. Its last two listings, with Re/Max Hallmark Alliance Realty from August 2025 and Townville Realty Inc. from October, produced no offer the receiver knows of. In December Townville, pitching for the receiver's own listing, wrote that "The property has been widely exposed at $50M+ for nearly two years and is now viewed as stale," per the First Report, June 26, 2026, paras. 35, 37–38, 43, 45.

Two Colliers appraisals, from 2022 and 2023, both relied on a 2017 inspection, and the receiver could not say why their "surplus lands" grew by about 1.30 acres between them. The receiver ordered no new appraisal, its mandate being "immediately to take the Real Property to market, where the market would determine value," per the First Report, June 26, 2026, paras. 56–59, 66.

Three leases for one hall

The hall is run by 1000742633 Ontario Inc., which bought the hospitality business in or around April 2024 and is the property's sole occupant. The receiver was given three purportedly signed versions of its lease: one dated April 30, 2024 at $300,000 a month including HST, one dated June 1, 2024 at $200,000 including HST, and one dated July 8, 2025 at $300,000 with utilities, repairs and HST on top, per the First Report, June 26, 2026, paras. 4, 23, 26. The tenant's counsel wrote in November 2025 that the June 2024 lease governed and that the tenant "would not, and did not, agree to an unexplained $100,000/month rent increase without negotiation, consideration, or business justification of any kind." The receiver did not challenge that position, reserved its rights, and has collected $200,000 a month since January 2026, per the First Report, June 26, 2026, paras. 30, 32–33.

Many of the realtors told the receiver the June 2024 lease was prejudicial to a sale because it is "heavily dependant on the landlord for future capital expenditures and maintenance." The receiver's report lists capital improvements the property will need, among them six deficient backflow preventers, a malfunctioning transfer switch and excavated parking and surplus lands awaiting remediation, and adds that environmental site assessments "have evidenced soil contaminants," per the First Report, June 26, 2026, paras. 21, 69.

Seven offers

The receiver listed with Avison Young on March 23, 2026, tenant in place. No one was told it could be bought vacant, and no one offered on that basis. Avison Young reported 52 enquiries and 16 signed confidentiality agreements, and by the May 1 offer date had five formal offers; 929 Ontario had delivered its own directly to the receiver before then. Every bidder but the lowest was asked for a final offer by May 8, a new offer arrived on May 6, and all but one bidder improved, some asking BJK for financing, per the First Report, June 26, 2026, paras. 70–77.

After that deadline a representative of the tenant called the receiver to say he was part of three of the offers, and confirmed the terms of both offers from North60 Technologies Inc., one a straight purchase and the other on financing from BJK. BJK then told the receiver it would not finance North60 and would support 929 Ontario, which had dropped its financing condition on May 14. On May 19 the receiver accepted what it called "the highest and best offer received": "as is, where is," a $1,000,000 non-refundable deposit, subject only to court approval, closing ten days after the vesting order issues, per the First Report, June 26, 2026, paras. 78–84. The lease the purchaser takes on, by the agreement's schedule, is the one dated June 1, 2024, per the redacted Purchase Agreement, First Report, June 26, 2026, App. VIII, Sched. D.

The offer that came in July

At a June 17 case conference, Justice Vallee endorsed that "An urgent motion for two hours is required and must be heard prior to August 12, 2026." Counsel, among them Jaffe & Peritz LLP for Parentela International, agreed a timetable, and the hearing was set for July 29, per the Supplement to First Report, July 22, 2026, paras. 4–6, App. I.

On July 8, David Goldberg of GLG LLP told the receiver his client had instructed him to submit an offer. Asked whom he acted for, he answered: "I represent the Parentela family (backed by a group of investors)." On July 10 Loopstra Nixon replied for the receiver that its sale process "has matured" and that the receiver "is not in a position to accept any offers at this time." Mr. Goldberg wrote back that he would let his clients "know the timeline is expired," then that afternoon sent an agreement of purchase and sale: "I understand that your client's position is that that offer process is closed/matured, but my instructions remain to share this offer with your team." The amount is redacted in the filed copy; he wrote that it was "materially more than the next highest offer," per the Supplement to First Report, July 22, 2026, paras. 16–18, App. III. The offer, in the name of 2628843 Ontario Inc., is what the factum calls "an unsolicited offer through counsel to the principals of the Debtor," per the Factum, July 22, 2026, para. 20.