Ashcroft Homes: the Ravines sale and the 130 parking spaces

On October 5, 2025, a senior manager at the receiver asked Ashcroft Homes' head office to confirm that "all 160 spots in the ravines underground parking are wholly owned by 1384274 ONTARIO INC." and that there were no "'leftover' parking spots" held by some other entity. The head office sent back a site plan, a parking matrix, the registered easement and a 2022 email chain with the lender ACM. On October 8 the receiver's manager narrowed the question: did this mean "the remaining 130 parking stalls allocated for Ravines 3 are owned by 225?" David Choo, the group's founder, answered that evening. "Ravines 3 is the beneficial owners or has use of 130 spaces while ravines 2 has use of 35 spaces as outlined in the site plan provided," per the correspondence attached to the Motion Record of AlixPartners Restructuring, Inc., Aug. 19, 2026, Tab 2, App. "I".

Ravines 3 is a condominium residence that Mr. Choo's companies intended, or intend, to build on 631 Prado Private in Ottawa, a lot owned by 2252514 Ontario Inc. Ten months after that exchange, the buyer two court-appointed receivers have found for the Ravines buildings has made the parking question a condition of its deal: the approval and vesting order must declare that neither 225 Ontario nor Mr. Choo nor any affiliated entity has "any beneficial or legal entitlement" to the property being sold, per the Seventh Report of the Receiver, Aug. 19, 2026, s. 1.1, para. 1(f); s. 5.0, paras. 2–3. That motion, and a companion motion by the receiver of the building next door, are returnable on September 9.

A campus with three owners and two receivers

Ravines Senior and Ravines Retirement stand side by side on Prado Private. The first, owned by 2265132 Ontario Inc., is an eight-storey independent-living residence with 138 suites at number 636; the second, owned by 2139770 Ontario Inc., is a 125-room retirement home at 626. They share an on-site management team, insurance, a phone system, a pool, a nursing station and a cinema, and corridors join them on the first floor and underground. The driveway, garage and surface parking belong to a third company, 1384274 Ontario Inc., and two parcels of excess land, 225 Ontario's among them, belong to Choo companies outside any receivership, per the Second Report of BDO Canada Limited, Aug. 24, 2026, paras. 1.2.1–1.2.5 (Motion Record, Tab 2). AlixPartners Restructuring, Inc., formerly KSV Restructuring Inc. and substituted for it as court officer effective June 1, 2026 with the same professionals, is receiver of the senior residence and the garage company, appointed on the motions of ACM Advisors Ltd. and other lenders. BDO Canada Limited has been receiver of the retirement home since December 20, 2024, on the application of Central 1 Credit Union, per the Seventh Report, s. 1.0, paras. 2–5 and n. 1; s. 2.0, paras. 2–3.

Where the case stood

That December 20 decision ended a CCAA filing fifteen days old. Eight Ashcroft companies, part of a group of more than 55 affiliated entities developing and operating residential communities in the Ottawa area for seniors, students and the general market, had obtained an initial order on December 5, 2024. At the comeback hearing secured creditors holding 84% of the secured debt opposed its continuation; Mr. Choo's account, as Justice Mew recorded it, was of liquidity trouble brought on by rising interest rates and falling occupancy. The motion to extend the stay was dismissed and receivers were appointed, per the Reasons for Decision of Mew J., Dec. 20, 2024, paras. 5, 7, 11, 116–117.

A refinancing approved on November 4, 2025 ended the receiverships of Park Place Senior, Park Place Retirement and Promenade Senior; the Sixth Report had described it as a transaction with Geodesic Holdings LLC, or such other entities as Farallon Capital Management, L.L.C. might designate, making $113 million available, per the Sixth Report of the Receiver, Oct. 27, 2025, s. 1.1, para. 1(b); s. 3.2, para. 1. AlixPartners has also been discharged as receiver of the Envie I student residence. What remains in its Ravines proceeding is Ravines Senior, the garage company and the head office company, whose Nepean property a realtor is now listing, per the Seventh Report, s. 1.0, paras. 9–10; s. 2.0, para. 1.

The buyer who did not waive

Newmark began marketing the campus as a package on July 3, 2025, with a teaser to about 1,050 investors; 32 parties signed non-disclosure agreements and two submitted letters of intent. On December 8, 2025 both receivers signed with the best bidder, whom neither report names. Its 60-day diligence period, set to end February 6, 2026, was extended by a week, by a further 30 days to March 16, on the bidder's own election to April 15, and by the receiver to April 23 and finally April 28. By then, AlixPartners reports, the receiver had "significant concerns about the repeated requests for extensions," and had learned that the bidder had been in discussions with, among others, Mr. Choo or his representatives, which "facially appeared to be in violation of its obligations under its NDA." The last extension cost the bidder its exclusivity. On April 28 the bidder said it was not waiving its conditions and asked for its deposit. The receiver said it would keep the deposit, the bidder's counsel at Gardiner Roberts LLP disputed that, and they settled: $15,000 retained, the bidder's building reports released, the balance returned, per the Seventh Report, s. 3.1, paras. 1–2; s. 3.2, paras. 1–5.

The receivers decided against restarting the sale process, which BDO says would have been time consuming and costly and might have yielded no additional benefit. Newmark instead took the pricing guidance and form of agreement already negotiated to six of the likeliest buyers in the Ottawa retirement market and asked whether any would step into the first bidder's place on a condensed diligence period. Two made offers; the first bidder reconsidered and never produced one, per the BDO Second Report, paras. 3.2.11–3.2.14. On June 9, 2026 both receivers signed with DCMS Realty (Evergreen) Inc., part of the Verve Senior Living group, which owns and operates seniors' and retirement residences across Canada; the agreements have since been assigned to Verve Nepean Limited Partnership. AlixPartners calls the deal "largely on the same or improved economic terms relative to the First Ravines APS" and, after nearly 15 months of effort, "a highly successful outcome in the circumstances," per the Seventh Report, s. 3.2, paras. 6–9; s. 4.2, para. 1(c), (i).

Two agreements that close together

Both receivers have redacted the prices and deposits and ask the court to seal them, along with Newmark's offer summaries and, in AlixPartners' case, the updated buyer list, on the ground that if the deals fail, later bidders would otherwise know what was offered. Each sale is conditional on the other being completed. Verve waived its diligence conditions on July 9. For a one-week extension of its third-party conditions it paid $25,000 to each receiver, and on July 31 it waived those conditions in exchange for a second amendment adding repairs the vendors must finish and pay for "to the satisfaction of the Purchaser," among them safety authority inspection orders, the generator's fuel tank, fire and life safety remediation and code infractions found in fuel inspections. On the Ravines Senior side it also set a $529,743 escrow to reimburse Verve for deficiencies it corrects under a 2006 site plan agreement with the City of Ottawa, per the Seventh Report, s. 4.0, para. 1(b)–(d), (l); s. 4.1, paras. 1–3; s. 7.0, para. 1 and the BDO Second Report, paras. 3.3.2, 3.4.1, 3.5.3. Closing falls 45 days after the earlier of the approval order and the waiver of the third-party conditions, and no sooner than 11 days after the order.