Tuesday, September 16, 2025

Major Residential Projects Stall as Maplequest Ventures Enters Receivership After Defaulting On $90 Million In Loans

A major real estate development project in Brampton, Ontario has hit a significant roadblock, as Maplequest Ventures Inc. faces receivership due to a default on nearly $90 million in loans. 

The Richmond Hill-based company, which owns two residential development sites in Brampton, was placed under receivership on June 26.

The affected properties include a 50-acre site on Heritage Road, slated for a mix of townhouses and apartment units, and a 19-acre site on Torbram Road, planned for single-family homes and townhomes. The primary lenders, KingSett Mortgage Corporation and First Source Financial Management Inc., are owed approximately $48 million and $41 million, respectively.

Court documents reveal that Maplequest failed to make interest payments for two months, with loans maturing in March and May 2024. The situation has also impacted Digram Developments Caledon Inc., a guarantor on Maplequest’s loan from KingSett. As a result, two of Digram’s development sites in Caledon have been included in the receivership order.

KSV Advisory has been appointed as the receiver and manager of the properties in both Brampton and Caledon. The lenders hope this action will help preserve the value of the properties for all stakeholders involved.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Ontario Government Paid $70,000 for Advice It Can’t Find Any Record Of

In response to a Freedom of Information Act (FOI) request filed by NDP Member of...

Monday, October 9, 2023, 10:24:00 AM

Ontario Budget Invests $500M in Mineral Processing

Ontario Finance Minister Peter Bethlenfalvy released the province’s 2025 budget Thursday, featuring a $500 million...

Monday, May 19, 2025, 12:09:00 PM

Ontario Begins Road Construction to Controversial Ring of Fire Mining Region

Ontario announced Wednesday it will invest nearly $62 million to begin building infrastructure for a...

Thursday, September 11, 2025, 02:15:00 PM

7-Eleven Gets Its First Liquor License In Ontario

It looks like Ontario’s about to see “new” convenient places for quick bites, beer, and...

Monday, December 19, 2022, 10:34:00 AM

OSC Introduces New Temporary Prospectus Exemption For Self-Certified Investors

The Ontario Securities Commission (OSC) is seeking to kickstart activity in the province’s capital markets...

Monday, October 31, 2022, 12:41:00 PM