Vancouver multifamily project listed for $22 million in court-ordered sale

• What the A four-lot development in Oakridge has been listed for $22 million
• Why The move comes after the owners defaulted on their mortgage
• What’s next Cushman & Wakefield is marketing the property

A property approved for 120 market-rate apartments in Vancouver’s Oakridge neighborhood was listed May 31 for $22 million in a court-ordered sale.

Cushman & Wakefield has been retained to purchase the project, at 5589 Baillie Street, on behalf of lender Amber Mortgage Investment Corp. The city has approved two six-story buildings to be built on the four-lot complex.

Plans call for studios to two-bedroom apartments with 76 underground parking spaces. Construction hasn’t started yet. The site is near the Oakridge Center within the Cambie Corridor Plan.

Amber Mortgage initiated foreclosure proceedings in BC Supreme Court last November after the owners, Baillie 40 Street Ventures BT ltd. and Align BC Development Corp., defaulted on their mortgage, according to court records reviewed by Green Street News. Borrowers held nearly $5.5 million at the time.

That figure grew to nearly $6 million, with interest accruing at nearly $2,900 a day, the documents show.