Sunridge Landing: everything to the bank, and still short

The asset at the centre of this receivership is 0.422 hectares at 3385 and 3393 26th Avenue NE in Calgary, improved with two retail commercial buildings. One was mostly unoccupied, with a dental clinic as its sole tenant. The other was empty, per Second Report of the Receiver, June 22, 2026, para. 15.

BDO Canada Limited has now sold it, holds the proceeds, and is asking to be discharged. The numbers explain why nobody but the bank is at this hearing.

Three attempts before a receiver

National Bank of Canada — as successor by amalgamation to Canadian Western Bank — did not begin by asking for a receiver. The escalation is documented, and it is a useful record of what a lender tries first on a small commercial property.

On October 22, 2024 it obtained a Redemption Order appointing CMN Calgary Inc. as judicial listing realtor. That order provided a one-day redemption period, subject to a stay giving the company additional time to seek refinancing — a stay that automatically terminated at 12:00:01 a.m. on December 1, 2024, per Second Report, June 22, 2026, para. 16.

On May 9, 2025 it obtained a Receiver of Rents Order appointing Colliers Macaulay Nicolls to collect the rents. That one did not fully land: the form of the order was never settled, because Sunridge's counsel withdrew from the record before it was, per Second Report, June 22, 2026, para. 16.

What finally produced the receivership is stated plainly: difficulties encountered by the bank, the listing realtor and the receiver of rents in obtaining information and access to the Property from Sunridge and Mr. Zulfikar Boga, its sole director, per Second Report, June 22, 2026, paras. 14, 17.

The Receivership Order issued June 10, 2025, on the affidavit of Richard Dean Chan of National Bank sworn a week earlier, per Second Report, June 22, 2026, paras. 1–2.

A judicial listing and a receiver of rents both leave the owner in possession. A receivership does not, and on this record that is precisely what it was for.

The security, and the writ

The credit facilities ran under a commitment letter of November 19, 2021, but the security is older: a general security agreement, a land mortgage for a principal amount of $6,500,000, and a general assignment of rents and lease rights, all dated September 22, 2016.

National Bank registered the mortgage and the assignment on title, together with a writ of enforcement for $4,841,428 plus costs. Following the sale, those registrations have been discharged from title, per Second Report, June 22, 2026, paras. 21–22.

A search of the Alberta Personal Property Registry dated June 11, 2026 identified no other creditors with registered security interests, per Second Report, June 22, 2026, para. 24.

That single sentence is why this file ends quietly. There is one secured creditor, no competing registrations, and nothing to litigate about priority.

The sale, and the $5,000

Colliers International, through CMN Calgary Inc., marketed the property. The process produced an agreement of purchase and sale with Macro Realty & Management Ltd., and the court approved it on December 1, 2025. The transaction closed on December 18, 2025, per Second Report, June 22, 2026, paras. 3, 5.

Between approval and closing, one detail worth noting for anyone drafting a receiver's sale agreement. After the court had approved the transaction, the receiver and Macro negotiated an amending agreement reducing the purchase price by $5,000 following concerns Macro raised about the condition of the property — notwithstanding, as the report puts it, the "as is, where is" nature of the transaction, per Second Report, June 22, 2026, para. 28(a).