Toronto One Bloor West | 308.6m | 85s | Tridel | Foster + Partners

Oct. 23rd afternoon.

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If I'm the first mortgage lender I want to top off this nightmare asap, complete the interiors and minimize my losses. Maybe try and cancel the existing contracts and bring them to market assuming they're below it. Let all the debt behind me get wiped out and let the others chase the developer and his equity partners for losses. There appears to be no way in hell anyone behind the senior lender will ever recover a dime from this project based on what has been reported. If the junior debt objects take it to foreclosure.

I'm sure there are a dozen construction/engineering experts here who know if it's possible to top off at or close to this level but that appears to be the most prudent move for the senior debt to salvage some or most of the funds already loaned to this albatross.
 
Tesla said:
If I'm the first mortgage lender I want to top off this nightmare asap, complete the interiors and minimize my losses. Maybe try and cancel the existing contracts and bring them to market assuming they're below it. Let all the debt behind me get wiped out and let the others chase the developer and his equity partners for losses. There appears to be no way in hell anyone behind the senior lender will ever recover a dime from this project based on what has been reported. If the junior debt objects take it to foreclosure.

I'm sure there are a dozen construction/engineering experts here who know if it's possible to top off at or close to this level but that appears to be the most prudent move for the senior debt to salvage some or most of the funds already loaned to this albatross.
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I'm not sure why you're linking 'topping it off' to shedding debt or breaching existing sales contracts.

These are not inherently linked.

The Creditor process will open up the debt to restructuring; lenders will almost certainly take a haircut.

Existing contracts could be voided, but returning deposits on 675M is no small matter.

Given all the un-sold inventory here. I'm not sure that makes sense; but it would depend on how much make-up space there is if units were re-sold; in this market though, re-selling might not pay off.

The market will be different by the time this one reaches the 91st floor.

But we shall see.
 
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Tesla said:
If I'm the first mortgage lender I want to top off this nightmare asap, complete the interiors and minimize my losses. Maybe try and cancel the existing contracts and bring them to market assuming they're below it. Let all the debt behind me get wiped out and let the others chase the developer and his equity partners for losses. There appears to be no way in hell anyone behind the senior lender will ever recover a dime from this project based on what has been reported. If the junior debt objects take it to foreclosure.

I'm sure there are a dozen construction/engineering experts here who know if it's possible to top off at or close to this level but that appears to be the most prudent move for the senior debt to salvage some or most of the funds already loaned to this albatross.
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If you get a chance, look up billionaires row in New York. Four buildings sitting three quarters empty. All projects were finished over budget to the tune of 1 billion in losses. This project though mismanaged, has not hit that point yet. People who have just built a house should not tell developers how they need to build a tower
 
The historic reference in this post is absolutely on fire flew too close to the Sun and got burned

Also looking at bloors post from a few weeks ago makes me wonder if another thing that could have factored in was the choice in contractors and contract loads as staff-wise for the forming crew. Looks to be about half of any other site that I have seen. This would drastically drag out the timeline and would be something that a developer that is not used to building on this scale would make mistakenly
 
DevDudeToronto said:
And there it is. No more Mizrahi. I wonder if he'll come back from this or if we'll never see another Mizrahi project again. Should we rename this project The Icarus?
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I don't think project management is the same as the developer. Therefore, Mizrahi is still in the driver's seat as far as I am aware...so their wings have not come so close to the sun to melt yet. Although, I suspect their reign here will be much more one of humility and neuteredness. Or least it should be...
 
DevDudeToronto said:
And there it is. No more Mizrahi. I wonder if he'll come back from this or if we'll never see another Mizrahi project again. Should we rename this project The Icarus?
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You sure about that, DevDude?
 
LoMein said:
Highly recommend people actually read before commenting: https://www.alvarezandmarsal.com/sites/default/files/canada/Affidavit of Joo Sung Yoon, made October 17, 2023.pdf

The amount of misinformation and idiotic takes here is mind blowing.
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While I appreciate the link being posted; I don't think broad-brushing UT's membership with profound insults is at all reasonable, fair or constructive.

There's little question, some members could do more thorough research before posting; something I regularly encourage. But there's no need for this type of language in a post.
 
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