Thind Properties' Highline Tower Placed in Receivership Over $221M KingSett Debt

Greater Vancouver real estate companies 6511 Sussex Heights Development Ltd., Minoru Square Development Limited Partnership, and Minoru View Homes Ltd. were placed in receivership on December 13, 2024 by the Supreme Court of British Columbia (Vancouver) in case S-247764, on the application of lender KingSett Mortgage Corporation, which was owed approximately $221 million. The debtors had stopped making monthly interest payments to KingSett in September 2024. A related Thind Properties entity later obtained protection under Canada's Companies' Creditors Arrangement Act.

Highline Tower and the Thind Properties Portfolio

6511 Sussex owns the "Highline" project, a 48-storey mixed-use tower in Burnaby, BC that completed construction in late 2023. The Minoru entities hold development land slated for "Minoru Square," a planned 429-unit multi-tower project in Richmond, BC. Both were developed by Burnaby-based Thind Properties, whose separate "District Northwest" project had entered receivership the prior month. KSV was appointed receiver; counsel were Osler for KingSett, Bennett Jones for the receiver, and Richards Buell Sutton for the companies.

Related CCAA Proceeding for the Eclipse Project

A related Thind Properties entity then sought CCAA protection. The Supreme Court of British Columbia granted an initial CCAA order on January 8, 2025 over the "Eclipse Project," a 335-unit residential tower at 2381 Beta Ave, Burnaby, held by Beta View Homes Ltd. and Lumina Eclipse Limited Partnership. KingSett was owed approximately $189 million on that project as of December 27, 2024, and had issued a notice of intention to enforce security that month under section 244 of the Bankruptcy and Insolvency Act. KSV Restructuring Inc. was appointed monitor. The court separately issued a sealing order in KingSett Mortgage Corporation v 6511 Sussex Heights Development Ltd. et al. (January 20, 2025, Vancouver S-247764, BCSC), covering the minimum per-square-foot prices accepted in the condominium sale process.