A mid-sized development project placed under receivership just over a year ago has been sold, according to filings in Ontario Superior Court – a relatively rare occurrence at a time when projects are regularly becoming insolvent but few are transacting.

The new owner is Montreal-based firm Cogir Real Estate through Dundas West Project Limited Partnership and 10361968 Canada Inc.

The property comprises 3775-4005 Dundas St. W., steps away from the Humber River and Lambton Park. Toronto-based developer TAS was planning a 13-storey mixed-use building with 297 residential units and ground-floor commercial space.

The property, a 1.28-acre site together known as 3803 Dundas St. W., was beneficially owned by TAS through 3803DSW TAS LP and 3803 DSW MR LP under 3803 DSW Urban Properties Inc., which secured a loan from real estate investment firm Cameron Stephens.

The two sides entered into the loan agreement in April 2021 for a loan facility up to $22.5 million, split between a $16,262,500 land loan and a $6,237,500 pre-development loan. The interest rate was set at the greater of 5.825 per cent and prime rate plus 3.375 per cent. Serving as the guarantor of the loan was TAS DesignBuild LP.

A change Of plans

According to Cameron Stephens’ receivership application, TAS decided to sell the property almost immediately after the first advance of the loan.

“The Loan was intended as bridge financing until a construction loan was obtained or, failing that, until a sale of the Real Property was completed,” said TAS Chief Investment Officer Khan Tran in an affidavit. “However, because of a number of external market factors, including the effects of the COVID-19 pandemic, the project became uneconomical and development was paused for an extended period of time. Due to various subsequent external market factors, development on the Real Property ultimately did not continue.”

The property was listed for sale by Colliers in December 2021 and the owners accepted an offer to buy 3803 Dundas Street West for approximately $38 million. The transaction dragged on, Cameron Stephen agreed to extensions, but it ultimately failed to close and the owners were unable to find another purchaser. TAS then asked to renew the loan and Cameron Stephens agreed to a one-time advance of $20,805,024 in January 2023 to refinance the loan.

Per their agreement, TAS would make several paydowns, including a $2-million paydown upon the sale of its interest in a 14-storey project at 299 Campbell Ave. in Toronto, which was a partnership with BGO. TAS told Cameron Stephens it expected to sell its interest in that project in 2023, but was ultimately unable to do so.

The receivership process

In April 2024, the two sides entered into a fourth amendment agreement, with a similar structure, and TAS said it would sell its interest in 299 Campbell by November. This time TAS was successful, but then informed Cameron Stephens in October it would not be making paydown and interest payments. The lender provided a proposed forbearance agreement, but TAS objected to some of the provisions, resulting in Cameron Stephens initiating the receivership.

The receivership was granted on March 6, 2025, with TDB Advisory serving as the court-appointed receiver, and 3803 Dundas St. W. was listed for sale by Jeremiah Shamess, Matthew Soper, Steve Keyzer, and Timothy Bristow of Colliers.

According to court documents, 31 prospective purchasers progressed to the point of signing confidentiality agreements, with four ultimately submitting offers, which were then whittled down to one: the Cogir Real Estate / Dundas West Project Limited Partnership / 10361968 Canada Inc., submission.

Cogir declined to comment for this article, so it is not known whether it plans to continue with the previous development proposal or redesign the project,.

The purchase price was not disclosed, but Cameron Stephens was owed $19,790,884.02 as of March 10. The purchase price is often not disclosed when it is lower than the debt owed and the lender expects to see a shortfall.

The Ontario Superior Court approved the transaction on March 20.

TAS and Cameron Stephens

Although now concluded, both TAS and Cameron Stephens are involved in other insolvency proceedings.

As first reported by RENX in February, TAS was planning 48- and 44-storey towers at 7 Labatt Ave. and 77 River St. in Toronto, near the Don River, but the project was placed under receivership on February 10 with $23,446,623.06 owed to KingSett Capital.

Cameron Stephens is also the lender on several projects by Ontario-based Mansouri Living Group, which were placed under receivership in November 2025, with the lender owed around $45.8 million across four loans pertaining to five projects.

Recently, however, the Brooklin and Mamone townhouse projects, which were financed by a single loan, were sold to DeNoble Homes. The exact price was again not disclosed, but Cameron Stephens was owed $12.7 million as of November and the receiver noted in its sales approval application that the lender would only see “partial satisfaction” from the sale, which was approved on March 18.

Cameron Stephens also operates in British Columbia, where notable projects it served as the lender on which are currently facing insolvency include the Kensington Union Bay Estates in Comox Valley by Sunwins and the completed Belvedere project in Surrey by Square Nine Developments.