On April 16, the Supreme Court of British Columbia granted the Eclipse project by Thind Properties that's under creditor protection a second extension under the Companies' Creditors Arrangement Act (CCAA), following a report by the court-appointed Monitor that outlined a plan on how to proceed.
Eclipse — also known as Lumina Eclipse or Eclipse Brentwood — is a 34-storey condo tower that was being developed by Thind Properties at 2381 Beta Avenue in Burnaby, a few blocks south of The Amazing Brentwood. Eclipse was the last of four towers that Thind was developing in the area, with the other three being Lumina Waterfall at 2311 Beta Avenue, Lumina Starling at 2351 Beta Avenue, and Lumina Alpha at 2288 Alpha Avenue, all of which have been completed.
Toronto-based private equity real estate investment firm KingSett Capital provided two mortgages to Thind in April 2021, real estate services firm Rennie was retained in February 2022 to handle sales, and 235 of the 329 units (71.4%) were pre-sold by the time KingSett placed the project — held under Beta View Homes Ltd. and Lumina Eclipse Limited Partnership — under creditor protection on January 8, as first reported by STOREYS.
At that time, KingSett Capital said it was owed approximately $189 million pursuant to the two mortgages and the Monitor estimated that construction on Eclipse was 95% complete.
The Unsold Units
Following court approval on April 16, the remaining 94 units that have not been sold — and any pre-sold units that become available if there are cancellations — will now go through a court-ordered sales process, with Rennie serving as the sales agent again, as they are for the remaining 119 units of Thind's Highline Metrotown tower that's under receivership.
According to the Monitor, Rennie will earn a commission of 3.8% on the net sales price of each unit, which would be split 50/50 between Rennie and the agent of the buyer.
The Monitor, KingSett, and Rennie have generated minimum prices per sq. ft for the units to be sold and Rennie cannot go below those minimums without the consent of KingSett Capital and would not earn commission in those cases. The minimum prices — redacted in court documents — are based on factors such as the prices previously obtained for Eclipse units and sales data for similar projects in Burnaby, among other things.
Renderings of the interior of a unit within Eclipse Brentwood. / Thind Properties
Notably, the Monitor says a third-party has expressed interest in a bulk purchase.
"The Monitor has received a non-binding letter of intent from a third-party expressing interest in acquiring all of the Remaining Units," said the Monitor in a report dated April 8. "The Monitor has been engaging with the interested party to assess the viability of a bulk transaction and has requested additional information to support the proposal. While discussions have been ongoing, no formal agreement or binding offer has been received as of the date of this Second Report."
It's unclear who made the offer and how it was obtained, but the Monitor notes that Rennie would not earn commission for any bulk sale that is identified, solicited, or negotiated by KingSett.
Construction Completion
According to the Monitor, KingSett Capital became aware that construction on Eclipse was "significantly delayed" in March 2024. On October 31, 2024, KingSett then learned that WBI Home Warranty would no longer insure the project due to Thind's financial difficulties. As of a result of the warranty coverage being suspended, the City of Burnaby then suspended the building permit for Eclipse on November 14, halting construction.
Since then, KingSett and the Monitor have secured Aviva as the new warranty provider, the project has been registered with BC Housing, and the Monitor said in its April 8 report that it was expecting the building permit to be issued shortly.
KingSett Capital had previously retained BTY Group as a consultant, who estimated that the cost of completing Eclipse to be between $11 million and $13 million. KingSett agreed to advance up to $18 million towards completing Eclipse, on the condition that Thind Properties retain a third-party construction manager. Up to that point, Thind had been operating as its own construction manager/general contractor. Brasfield Builders was then retained in October.
Eclipse construction site photos taken by Brasfield Builders on January 13, 2025.
However, that structure created some problems after the project was placed under creditor protection. According to the Monitor, because the entity Thind used as the construction manager — D-Thind Development Beta Ltd. — was not also placed under creditor protection, the subcontractors could not be asked to carry out their existing contracts with Thind.
"In light of the above challenges, the Monitor concluded that including D-Thind Beta as a respondent in these CCAA proceedings would be the most effective solution to ensure the completion of the Eclipse Project," the Monitor said in its report earlier this month. "This option may save the Debtors millions of dollars in costs, which the principals of the Debtors have personally guaranteed."
Although Paul Thind — son of Founder & CEO Daljit Thind — gave the Monitor consent to include D-Thind Development Beta Ltd. in the CCAA proceedings, that consent was not formally executed for some time and the Monitor had proposed converting the CCAA proceeding to a receivership proceeding instead, which would achieve the same outcome. However, it appears that Thind ultimately executed consent, as the CCAA extension issued by the court on April 16 now includes D-Thind Development Beta Ltd.
According to a January report by the Monitor, the construction timeline for Eclipse is estimated to be four to five months and, on April 16, the court extended the creditor protection to July 18, 2025.
