The property is 2093, 2097 and 2101 Old Lakeshore Road and 2096 and 2100 Lakeshore Road, Burlington, Ontario, held under two parcel identifiers, per Receivership Order, May 19, 2026, Schedule "A".
Justice Black described it in a sentence: "undeveloped land earmarked for a proposed 310-unit condominium Project", per Endorsement of Justice Black, May 19, 2026, para. 2.
BDO Canada Limited was appointed receiver and manager on the application of The Toronto-Dominion Bank.
What the collateral actually is
Five municipal addresses across two PINs is a land assembly. The legal descriptions in Schedule "A" run through parts of Lots 6 through 10 of Block Q on a compiled plan, acquired under four separate historical instruments, with an easement carried over one of the reference plan parts.
That is the shape of waterfront development land: half a dozen small original lots, bought one at a time over years, stitched into a single developable site. The assembly is itself the work, and often the most valuable thing the developer did.
But the collateral securing $18.2 million is dirt with permissions on it. There is no building, no rental income and no inventory of units. Its value is entirely the number a purchaser will pay for the right to build 310 units on the Burlington lakeshore — a number set by construction costs, interest rates and pre-sale demand, none of which the borrower controls, and all of which moved between the loan and the default.
A receiver appointed over an unfinished building at least has something to finish. A receiver appointed over vacant land has a sale process and a carrying cost.
The default
The sequence is short and undisputed, per Endorsement, May 19, 2026, paras. 2–4:
The borrower is indebted to TD, the first-ranking secured creditor, holding various security over its assets, in an amount exceeding approximately $18.2 million as of April 28, 2026.
Following defaults under the loan agreement and the security, TD made formal written demands and delivered a notice of intention to enforce security under s. 244 of the BIA to the borrower and the guarantors on March 4, 2026. Those demands were not met, the defaults were not rectified, and the ten-day notice period expired.
The application was supported by the affidavit of Dave Gemin sworn April 28, 2026, and was heard on May 19, per Receivership Order, May 19, 2026 and Application Record, April 29, 2026.
Three kinds of guarantor
The participant list is the most informative part of this endorsement, because it shows how the project was capitalised, per Endorsement, May 19, 2026, participant information.
Core Development Group Ltd. — the developer, appearing through Robert Corey Hawtin, without counsel.
Forgestone Capital Fund No. 2 LP, FSC Old Lake GP Inc. and FSC Old Lake Limited Partnership — the "Forgestone Guarantors", represented by McCarthy Tétrault. An institutional capital partner and the special-purpose entities through which it participated.
Lucie Andlauer — an individual guarantor, separately represented.
Three guarantors of three different kinds on one $18.2 million construction loan: the operating developer, the money, and a person. The bank required all of them, which tells you how it assessed the risk of lending against undeveloped land.
The guarantor who supported it
Then the detail worth noticing:
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