A fourth development project that was planned by Align Properties, formerly known as Vivagrand Developments, has now been put up for sale as part of ongoing foreclosure proceedings, according to filings in the Supreme Court of British Columbia.

The subject of this latest foreclosure is a land assembly that consists of 5589, 5611, 5637, and 5661 Baillie Street in Vancouver, which is two blocks east from Grosvenor's Mayfair West and one block northwest from Oakridge Park.

For the site, Align Properties was planning two six-storey rental buildings with a total of 120 rental units and a density of 2.50 FSR, according to a rezoning application that was received by the City in October 2021 and approved by Council in July 2022.

The property is beneficially owned by Align Properties — the North American arm of Chinese real estate developer Xiangli Group — and legally owned under Baillie 40 Street Ventures BT Ltd., both of which are listed as respondents in the foreclosure proceedings along with Zhong Liang, a director of the ownership entities and guarantor of the loan.

The Foreclosure Proceedings

The foreclosure proceedings were initiated in late-November by Richmond-based Amber Mortgage Investment Corporation, pursuant to a loan agreement reached with Align Properties in October 2021 for the principal amount of $5.3M.

According to court documents, Amber's charge is second-ranking, after a mortgage held by Desjardins Financial Security Life Assurance Company.

The loan agreement had a maturity date of November 1, 2023 and Align Properties failed to make the required payment by that date. On November 7, Amber issued a formal demand for payment, and subsequently initiated the foreclosure proceedings after Align Properties still failed to pay. As of November 23, the outstanding amount is $5,501,564.65, with interest accruing at a daily rate of $2,720.17.

The outstanding amount hit $5,976,290.26 as of May, when the Supreme Court issued an order nisi that confirmed the debt.

In foreclosure proceedings, as part of the order nisi, the court will also set a redemption date, by which the debtors can pay the outstanding amount to halt the foreclosure. The debtors are usually given six months, but that period can be reduced if the petitioner can show that there is a small likelihood that the debtor can pay the outstanding amount.

In the order nisi granted by the court on May 9, the redemption date was set at just one day, which came and passed without Align Properties paying the outstanding amount, allowing the petitioner to sell the property in order to recover the debt.

The four-parcel land assembly was listed for sale last week by Brad Newman-Bennett, Craig Ballantyne, and Martin Delafontaine of Cushman & Wakefield.

BC Assessment values the four parcels — each of which are occupied by a single-family home constructed between 1959 and 1961 — at $4,416,000, $4,406,000, $4,421,000, and $4,526,000, for a total value of $17,769,000. Cushman & Wakefield has listed the assembly at $22M.

The sale of the property will require final approval from the Supreme Court.

Align Properties

For Align Properties, this has become familiar territory, as its other projects have all also become subject of foreclosure proceedings over the past year.

The first was 1555 Robson Street, where Align Properties was planning a 28-storey residential tower. Foreclosure proceedings were initiated in June 2023 by Pacifica Mortgage Investment Corporation and the property was listed for sale by CBRE in February, as first reported by STOREYS. The property was purchased by GWL Realty Advisors, who own the property next door and are now planning a two-tower project.

The second was 1485 Davie Street, where Align Properties was planning a 21-storey residential tower. Foreclosure proceedings were initiated in September 2023 by Bancorp Financial Services and the property was listed for sale by Avison Young in March, as first reported by STOREYS.

The third is 5812-5844 Cambie Street, where Align Properties was planning a 33-storey residential tower and 12-storey office tower. Foreclosure proceedings were initiated in March 2024 by a group of individuals and entities operating as a single lender and the property has been listed for sale by Colliers.

With the latest foreclosure of 5589-5661 Baillie Street, this brings the number of foreclosures for Align Properties to four.

On its corporate website, Align Properties lists only these four projects.

If you have been impacted by these foreclosures and would like to share your experience, you can reach me at: howard@storeys.com or HowardChai.24 on Signal.

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