from finishing communities in progress because of dwindling buyer interest, which has now gone a step further, as some can't seem to secure the capital to bring their plans — made in better economic times — to fruition.
One neighbourhood in Ajax is an example of this, serving as one of a few complexes that are going into receivership lately as those behind them can't recompense for their ever-growing debt.Ajax Meadows, which boasted"stylish design and natural appeal" near Rossland and Ravenscroft roads in the GTA city, was a townhouse complex planned by DC&F Corp .
A total of 27 homes were planned for the land, which the developer tried to sell off earlier in 2024 — some two years after it first secured funds from a lender that it now owes more than $4.1 million after missing some crucial deadlines for repayment.
Now, a third-party receiver will be tasked with trying to liquidate the still-vacant land to recoup the money owed — bad news for anyone who was hoping to actually live in the new community.at a Barrie construction site where homes were well underway and buyers well invested, many of them stuck in contracts with a developer who was operating beyond its means.
Source: News Formal (newsformal.com)
Meadows Toronto Real Estate Housing Developer Condo Townhouse Construction Receivership
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