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Pacific Canada  + Cross Border News  | 
A major Vancouver multi-residential project has been placed in receivership.

Harlow Project Owes at Least $169.23M: Deloitte

Deloitte Restructuring has uncovered more debts tied to a financially troubled major Vancouver multi-residential development project.

Deloitte is acting as the project’s court-appointed receiver. The firm’s latest report shows that the owners of the Harlow project, owe at least $169.23 million. The amount applies to creditors who hold security or have a priority statutory claim.

That’s more than double the $82.7 million in mortgage arrears owed to the largest creditor, Bank of Montreal, which petitioned the project into receivership. (The BMO debt is included in the updated total.)

The 55-storey project is situated at 1045 Haro Street in the city’s West End. The 14-member ownership consortium known as Harlow Holdings.

Creditors’ total debt claim appears likely to exceed $169.23 million, Deloitte’s submission to the Supreme Court of B.C. indicates. Hong Kong-based Treasure Bay HK Limited (TBL), listed as a secured or priority creditor, is owed an unknown amount at this time.

“TBL has a pending legal action against Harlow Holdings and several other parties and has registered a certificate of pending litigation against the property,” said Deloitte in its court update.

Deloitte’s report identifies other creditors also owed large amounts: Forseed Haro Holdings ($51.5 million); 1104227 B.C. Ltd. ($25.4 million) and Terrapoint Developments ($9.9 million.)

Forseed, Terrapoint and the numbered company hold shares in the project’s limited partnership, and the amounts due relate to outstanding loans, Deloitte said.

The project’s owners also owe the City of Vancouver $167,026 in 2023 property taxes and the Canada Revenue Agency $10,634 in G.S.T. Unsecured creditors include the project’s designer, Vancouver-based Patkau Architects ($10,000.)

B.C. Supreme Court Justice Shelley Fitzpatrick has issued a court order that authorizes receiver Deloitte to market all or part of the property for sale after February 24.

Photo: Patkau Architects

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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