Foreclosed Horizon 21 Project In Coquitlam Finds Buyer After Price Reduction

Storeys Publishing Inc.; Coquitlam; On-site; CAD 60,000 - 80,000; Full time

Job description

The Horizon 21 project at 218 Blue Mountain Street in Coquitlam.

Foreclosed Horizon 21 Project In Coquitlam Finds Buyer After Price Reduction

The Horizon 21 project at 837 Lougheed Highway and 218 Blue Mountain Street in Coquitlam was being developed by Centred Developments.

Following foreclosure proceedings that were initiated nearly two years ago and after spending nearly a full year on the market, a buyer has finally been found for the Horizon 21 project that was started by Centred Developments.

The Horizon 21 project is a 21-storey tower with 142 strata units, eight townhouses, and 16,801 sq. ft of commercial space that was planned for 837 Lougheed Highway and 218 Blue Mountain Street in Coquitlam, just north of the Fraser River and about a seven-minute drive northeast from the Expo Line SkyTrain's Braid Station.

The property is legally owned by 1116191 BC Ltd. and beneficially owned by 1067973 BC Ltd., H21 GP Ltd., and H21 Limited Partnership, and the foreclosure proceedings were initiated against them in October 2022 by 1129057 BC Ltd., which holds a first-ranking mortgage.

Also listed as respondents are Ze Wen Zhong and Xiao Hong Huang, the directors of the ownership entities.

The Sale

The Supreme Court of British Columbia granted an order nisi of foreclosure on April 27, 2023, confirming the outstanding amount owed to 1129057 BC Ltd. at $8,694,841.88, with interest at a rate of 18% per annum.

On August 31, the Supreme Court then first granted an order for conduct of sale to the second-ranking charge holder, Amber Mortgage Corp. In foreclosure proceedings, it is common for lower-ranking charge holders to get priority when it comes to conduct of sale.

The property was listed for sale by David Ho, Adam Xu, and Victoria Lam of CBRE and Brett Aura of TRG Commercial on behalf of Amber Mortgage Corp and a buyer was found, but the transaction ultimately did not close.

In February, conduct of sale then shifted to 1129057 BC Ltd., who retained Hart Buck, Jessica Darling, Casey Weeks, and Morgan Iannone of Colliers. Melani Shi of Colliers appraised the property at $16,100,000 and the property was subsequently listed with an asking price of $16,800,000.

The price was then reduced to $14,250,000 in March, after which Colliers received a $7,500,000 offer from H&K Enterprises Ltd. on April 23.

On April 25, Colliers then received a $10,200,000 offer from Forefuture Canada Holdings Ltd. Following multiple rounds of negotiation, the offer was improved to $11,250,000 and was accepted.

BC Assessment values 837 Lougheed and 218 Blue Mountain Street at $8,529,000 and $7,598,000 , respectively, for a total value of $16,127,000.

The sale requires approval from the Supreme Court and a hearing has been set for Thursday, July 4, with the transaction set to close on September 3 if approved by the court.

[Editor's Note, July 11: Prior to the hearing, a last-minute offer to buy the property for $14,000,000 was made by 1487907 BC Ltd., a company related to Amber Mortgage Corp, the second-ranking charge holder. The July 4 hearing was then delayed to July 8, when the Court approved this offer and sale.]

What Happens Next

The Horizon 21 project has already been approved by the City of Coquitlam and the development permit for the project has also been approved, meaning Forefuture Canada Holdings Ltd. will likely be able to quickly proceed to the building permit stage, if it desires.

Presales were launched previously, but it's unclear how many units were presold.

However, after STOREYS first reported on the foreclosure proceedings in February, several presale purchasers reached out to voice their frustrations with the project team and the lack of communication during the foreclosure proceeding.

In its application to the court seeking approval for the sale of the project, no details were included about what the new owner of the project intends to do with the existing sales contracts.

If you are a presale purchaser of Horizon 21 who would like to share your story, please email: [e-mail].

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