Surrey-based developer Maskeen is facing insolvency proceedings on two projects in the Fraser Valley, according to filings in the Supreme Court of British Columbia, and both projects are now under receivership.
One project is located at 13714-13758 Bentley Road and 13775 Grosvenor Road in Surrey, a few blocks northwest from Gateway Station and the intersection of 108 Avenue and King George Boulevard. For the site, Maskeen was planning three low-rise buildings with a grand total of 216 units to be delivered in three phases, according to a rezoning application. The project was named Victory.
The other project was set for 20120 86 Avenue in the Township of Langley, a few blocks south of the Sandman Signature Langley Hotel. For this site, Maskeen was planning a 39-storey tower with 331 units, and a six-storey building with 133 units, plus 48,750 sq. ft of commercial space. The project is not listed on Maskeen’s corporate website.
Surrey
MCAP Financial Corporation initiated receivership against the Victory project on January 7, 2026, pertaining to a loan agreement the two sides entered into in October 2022, which was later amended several times to be reduced in size.
According to MCAP, the developer told them that presales for Victory would commence in early-2023, with construction commencement targeted for late-2023. The dates were then pushed back to the second half of 2023 and 2024.
Maskeen launched Building B in November 2023, reporting 44 presales and $24,400,000 in revenue. Building A was set to launch in Q1 2024, but was delayed to June 2024. By July 2024, Maskeen reported 65 presales, and $36,900,000 in revenue across both buildings.
However, under their loan agreement, the developer was required to achieve $50,000,000 in presale revenue for construction financing to be advanced. The two sides amended the loan terms to convert the construction facility into a $24,000,000 non-revolving land facility, shorten the maturity date to February 1, 2025, and include a covenant prohibiting construction until full repayment.
The project lands originally included 13671 Grosvenor Road as well, but the parcel was sold along with a subdivided portion of the project site in March 2025 for $11,750,000.
Despite the aforementioned covenant, however, MCAP says Maskeen commenced excavation, forming, and shoring on their own, and by June 2025, disclosed that they owed $1,800,000 in unpaid construction payables stemming from that work, plus $369,000 in commissions.
MCAP says they made a formal demand for payment in July, then reached a forbearance agreement in October to give Maskeen time to secure financing. The developer secured a letter of intent from an undisclosed lender, but did not close, resulting in MCAP initiating the receivership. MCAP says they are owed $15,429,766.11 as of January 5, 2026.
Langley
A rendering of the proposal for 20120 86 Avenue. (Flat Architecture)
By this time, National Bank had already initiated receivership on the high-rise project in Langley. Their application, dated August 27, 2025, was pertaining to a first-ranking land loan for the principal amount of $10,400,000, which was later increased to $11,000,000.
National Bank says the purpose of the loan was to “provide refinancing in relation to a high-rise project” and that Maskeen defaulted after failing to repay the loan by the outside date of March 31, 2025. National Bank says they issued a formal demand for payment in mid-July, did not receive repayment, and thus initiated the receivership.
National Bank said they were owed $11,104,159.83 as of July 14, 2025. They also noted that Cedar Ridge Investments Ltd. holds a second-ranking mortgage on the property, but did not disclose the amount.
Notably, the receivership application mentioned that the rezoning application for the project was set to be considered by the Township of Langley on September 15, 2025, with the possibility of Council granting third reading — tantamount to conditional approval.
When Council considered the project, however, it not only didn’t grant third reading, they delayed consideration of the application until after the City updates its Willoughby Community Plan.
In a court filing later that month outlining their side, Maskeen said the project faced a delay because of the lawsuit over community amenity contributions (CACs) between Lorval Developments and the Township of Langley. The court decision found the Township’s CAC policy to be invalid, and the Township subsequently engaged various affected developers in negotiations to address CACs, resulting in the delay.
Maskeen says the properties now have a value of between $20.3 million and $23.2 million as-is, and between $22 million and $26 million with the application approval, adding that they were trying to secure refinancing. However, National Bank’s receivership application was nonetheless granted.
