Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

gquest said:
Had to delete my yesterday's post because I wanted to be sure of the facts...the new Heartlake collection project on 10194 hearlake road (current presentation office) has some legal issue. A CPL was issued in July 2023 and construction for that project will not start anytime soon until the case is resolved.

I believe the CPL is having some backslash on the Uptown project (our project) but I'm not 100% sure at this point. The is because a CPL on any of the builders project could be seen as a default event by lenders and a lender could withdraw all construction loan/ commitment letters. If this is the case, I don't see construction commencing on Uptown project. I hope I'm wrong.

For anyone calling Dominic, ask him how does the CPL impact the uptown project and if he's honest about construction commencing in October as he claimed.

@jbaa1 @SRAMP @Deanfeb @Michelle C @random
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Here is his email - dzita@vandyk.com
Number - 9058234606

Let me know what they say. Thank you!
 
gquest said:
Had to delete my yesterday's post because I wanted to be sure of the facts...the new Heartlake collection project on 10194 hearlake road (current presentation office) has some legal issue. A CPL was issued in July 2023 and construction for that project will not start anytime soon until the case is resolved.

I believe the CPL is having some backslash on the Uptown project (our project) but I'm not 100% sure at this point. The is because a CPL on any of the builders project could be seen as a default event by lenders and a lender could withdraw all construction loan/ commitment letters. If this is the case, I don't see construction commencing on Uptown project. I hope I'm wrong.

For anyone calling Dominic, ask him how does the CPL impact the uptown project and if he's honest about construction commencing in October as he claimed.

@jbaa1 @SRAMP @Deanfeb @Michelle C @random
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Thanks for the update.
 
Awesome. It seems they didn’t pay for Asset management company. Also seems like it impacts both of their heartlake projects. I believe that it would be just one of their many financial problems.
 
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SRAMP said:
Awesome. It seems they didn’t pay for Asset management company. Also seems like it impacts both of their heartlake projects. I believe that it would be just one of their many financial problems.
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Looking like a cancellation is guaranteed. And even collapse of Vandyk. No point to waste time contacting them, they’re going bankrupt.
 
jbaa1 said:
Looking like a cancellation is guaranteed. And even collapse of Vandyk. No point to waste time contacting them, they’re going bankrupt.
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I'm staying positive by a strand of hope

This caught my attention, also KingSett is the lender for the uptown project.

"In determining the relative harm to each party if the certificate of pending litigation is granted or denied, the respondents argue that the registration of a certificate of pending litigation on the Jordon Lands may constitute an event of default under a commitment letter between it and their present lender, KingSett Mortgage Corporation. This may or may not be the case but the respondents arguably obliged themselves to grant this mortgage and it could have or should have been brought to the attention of KingSett and incorporated into its commitment letter"
 
gquest said:
I'm staying positive by a strand of hope

This caught my attention, also KingSett is the lender for the uptown project.

"In determining the relative harm to each party if the certificate of pending litigation is granted or denied, the respondents argue that the registration of a certificate of pending litigation on the Jordon Lands may constitute an event of default under a commitment letter between it and their present lender, KingSett Mortgage Corporation. This may or may not be the case but the respondents arguably obliged themselves to grant this mortgage and it could have or should have been brought to the attention of KingSett and incorporated into its commitment letter"
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I don’t understand this last section in quotations, can you please clarify?
 
gquest said:
I'm staying positive by a strand of hope

This caught my attention, also KingSett is the lender for the uptown project.

"In determining the relative harm to each party if the certificate of pending litigation is granted or denied, the respondents argue that the registration of a certificate of pending litigation on the Jordon Lands may constitute an event of default under a commitment letter between it and their present lender, KingSett Mortgage Corporation. This may or may not be the case but the respondents arguably obliged themselves to grant this mortgage and it could have or should have been brought to the attention of KingSett and incorporated into its commitment letter"
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Anybody hear back from vandyk or Domenic about this?
 
How YOU doin'? said:
Hope our deposits are safe and we get it all back
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I received this message on the urbantoronto.ca site.. I guess the media might be doing some research..I will reply and maybe some of you can also..check your msg inbox

o​
globerealreporter started a new conversation with you at UrbanToronto.​

Media request: VanDyk​


Hey there, looking to connect with folks who've bought pre-construction with VanDyk. Looks like you've got some exposure to their Uptowns site? Anything you can share about what they are telling buyers I'd appreciate hearing it, sdingman@globeandmail.com or 416 585 5230​
 
Deanfeb said:
I received this message on the urbantoronto.ca site.. I guess the media might be doing some research..I will reply and maybe some of you can also..check your msg inbox

o​
globerealreporter started a new conversation with you at UrbanToronto.​

Media request: VanDyk​


Hey there, looking to connect with folks who've bought pre-construction with VanDyk. Looks like you've got some exposure to their Uptowns site? Anything you can share about what they are telling buyers I'd appreciate hearing it, sdingman@globeandmail.com or 416 585 5230​
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Same, I received this message also. I provided all the details I have first hand. Plus any convo / speculation by other buyers in this convo.

I recommended also reach out to others here, which I’m sure they already are.
 
Got a call from global and mail. It seems they are writing a story on builders like Vandyk (failed/failing ones). It seems like Vandyk is in financial trouble. Not only for Uptowns also for their other projects. I don’t think we can have our hope high on Uptowns. :(
 
SRAMP said:
Got a call from global and mail. It seems they are writing a story on builders like Vandyk (failed ones). It seems like Vandyk is in financial trouble. Not only for Uptowns also for their other projects. I don’t think we can have our hope high on Uptowns. :(
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Uh oh. What did they say specifically?
 
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