New Westminster Updates

[jollyburger]

Merchant House's New West Receivership Ends With Sale To Price Capital Partners

One of the three receivership proceedings initiated against Victoria-based private equity real estate investment firm Merchant House Capital has concluded, according to filings in the Supreme Court of British Columbia.

The subject property is 65 First Street in New Westminster, located next to Albert Crescent Park and steps away from the Fraser River and Pattullo Bridge. The site is currently occupied by a low-rise building with 61 strata units called Kinnaird Place.

Merchant House Capital acquired the property in 2021 for $22,735,920 and was planning to redevelop the site into a 35-storey and 30-storey tower with a total of 304 strata units, 299 market rental units, and 30 below-market rental units, according to a December 2024 planning report.

The individual strata units are beneficially owned through Kinnaird Konversion Limited Partnership and Kinnaird Konversion GP Inc. under 1274877 B.C. Ltd., which became the subject of a receivership initiated by Price Capital Partners Inc., as first reported by The Realist in February.

The receiverships pertaining to Merchant House’s Victoria Press Building project and Wintergarden Hotel project are both ongoing.

https://howardchai.substack.com/p/merchant-houses-new-west-receivership