Foreclosed White Rock Project Listed For Sale Over $19M Debt

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Foreclosure News

Listing,White Rock,Financing

Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24

​Weststone Group was planning 100 rental units and 147 strata units across two buildings at 14990 North Bluff Road in White Rock, which was just listed for sale.While a majority of the court-ordered sales that have occurred in British Columbia are for properties located in Vancouver, the latest foreclosure proceeding shows that distressed real estate is not limited to any one location.

That loan matured on August 1, 2023 and the developers failed to repay the outstanding amount. The lenders then issued a formal demand for payment on October 30, but the developers were still unable to repay the loan, prompting the lenders to initiate the foreclosure proceedings. Simultaneously, the Supreme Court also granted an order for conduct of sale allowing the lenders to sell the property in order to recover the outstanding amount they are owed. That order came into effect on June 9, after the debtors failed to redeem the mortgage.

 

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