Mady Steeles 2011 Ltd. purchase of 39 acre retail/commercial site at 5789 - 5951 Steeles Avenue East, Toronto
Overview
The site, previously owned by Landmark Development Corporation, was sold to Mady Steeles 2011 Ltd., a subsidiary of Mady Development Corporation, for $42.5 Million in December 2011. Financing was provided by Trez Capital Corporation and Northbridge Financial Corporation, a subsidiary of Fairfax Financial Holdings Limited.
Our Real Estate Group partners Leor Margulies and Peggy Spadafora and senior law clerk, Carol Duran, acted on behalf of both Mady Steeles 2011 Ltd. and the second mortgagee, Northbridge Financial Corporation in completing the purchase from the court appointed receiver, Deloitte & Touche Inc., and the related second mortgage financing. Plans for a potential box store and retail development on the frontage along Steeles are underway with a redesign of the retail condominiums that were previously planned, to follow.
