- What A four-lot land assembly in Oakridge has been listed for $22m
- Why The move comes after the owners have defaulted on their mortgage
- What next Cushman & Wakefield is marketing the property
A property approved for 120 market-rate apartments in Vancouver’s Oakridge neighbourhood was listed on May 31 for $22m in a court-ordered sale.
Cushman & Wakefield has been retained to shop the project, at 5589 Baillie Street, on behalf of the lender, Amber Mortgage Investment Corp. The city has approved two six-storey buildings to be built on the four-lot land assembly.
Plans call for studio to two-bedroom apartments, with 76 underground parking spaces. Construction has not yet begun. The site is near Oakridge Centre, within the Cambie Corridor Plan.
Amber Mortgage initiated foreclosure proceedings in B.C. Supreme Court last November after the owners, Baillie 40 Street Ventures BT Ltd. and Align BC Development Corp., defaulted on their mortgage, according to court filings reviewed by Green Street News. The borrowers owned nearly $5.5m at the time.
That figure has increased to nearly $6m, with interest accruing at almost $2,900 per day, documents show.
