QuadReal Property Group has launched foreclosure proceedings against Keltic Development its subsidiaries and investment partners over the Brighouse West Business Park in Richmond, B.C., according to a report published on Substack.

Lenders claim that they are owed nearly $188 million, the report states while citing Supreme Court of British Columbia documents. The defendants include Keltic and its owners Rui Wang and Weiguo Li, who are a couple, as well as a B.C. numbered company and DDAW Holdings.

QuadReal began the action on March 12 against multiple Keltic-related entities tied to the 27.1-acre industrial and commercial property, the report adds.

QuadReal alleges Keltic defaulted on its loan obligations, including failing to make interest payments, pay property taxes, and breaching terms of both the original credit agreement and a subsequent forbearance agreement.

The lender issued a formal demand for repayment in February but states in the court filings that the debt has gone unpaid.

QuadReal is seeking an Order Nisi to confirm the debt and has requested a one-day redemption period, which would sharply limit the borrower’s time to repay before further enforcement action.

The company is also seeking conduct of sale, which would allow it to take control of the marketing and sale of the property in an effort to recover the outstanding debt.

Pending court approval CBRE is expected to list the business park for sale, the report adds.

The Brighouse West Business Park, comprising 17 buildings across five parcels, is a fully leased income-producing asset, making the foreclosure notable amid a broader trend of distress largely affecting non-income-producing development sites, the report notes.