Two years ago, lenders descended on Vandyk Properties and began placing the Mississauga developer’s projects under receivership.

The Toronto-based duo of KingSett Capital and Dorr Capital, which had filed a joint receivership application, were the lenders on five Greater Toronto Area (GTA) projects: Uptowns, Heartlake, Royal York, Ravine and Lakeview, as they’re referred to in court documents. According to those documents, KingSett held five loans across the projects while Dorr held one loan and administered one of the KingSett loans.

In March 2024, the Ontario Superior Court approved the court-ordered sales process for four of those five projects.

The project that was not included was Lakeview, at 1345 Lakeshore Rd. E. in Mississauga, which consists of 478 residential units and commercial space across two mid-rise buildings. Last summer, PCL Construction was chosen as the contractor to build the project, with completion estimated for May 2027.

The other four projects were listed by various brokerages, but no sales have been completed. So, the court-appointed receiver (KSV Advisory) and KingSett Capital — Dorr’s loan was on Lakeshore — have since opted to bring three of the remaining four projects to completion.

The Royal York project remains on the market and KSV has been securing development entitlements that would increase the value of the property.

Uptowns

Last September, Elm had been approved as the development manager and construction manager for Uptowns, a 342-unit townhouse development planned for 10302 Heart Lake Rd. in Brampton.

Construction had commenced prior to the receivership proceedings, but halted after the proceedings began, and Elm’s proposed fees and timeline to complete the project were “superior” to others who responded to the request for proposals, according to KSV.

The next month, the receiver said 287 of the 329 presale agreements were for prices it believed to be “significantly below current market values.” Elm estimated the project would see a deficit of $57.3 million based on those prices.

KingSett said it would not continue financing the project without price increases and received approval from the court to terminate the presale agreements if purchasers did not agree to an increased price and change the buyer-side termination date from April 2025 to Oct. 1, 2027.

The increased prices were kept confidential, but KSV said they represented an average discount of 13 per cent below current market values. It’s unclear how many buyers agreed to the increased prices and how many purchase agreements were terminated, but KSV and KingSett were actively trying to secure more construction financing as of this past summer.

Heartlake

The Heartlake project comprises 200 townhouses at 10194 Heart Lake Rd., near the Uptowns project. Court documents state after the project was listed for sale in March 2024, offers to buy the project were received, but KSV and KingSett determined the offers were “unsatisfactory” because of “the contemplated purchase prices being insufficient to repay the KingSett loans”

Of the 200 units, 109 have been presold, but there was no attempt to get the presale agreements terminated in this case.

In October 2024, Elm was again chosen to complete the project as construction and development manager. KSV noted at the time it generated “considerable time and cost savings” by choosing Elm because the contract terms were substantially similar to that for Uptowns.

According to an October update, construction related to site servicing — connections to water, sewage and roads — did not commence until July 2025 as a result of “unexpected delays relating to municipal approvals for permits, coupled with unforeseen site complexities” and vertical construction has yet to commence. Site servicing is set to complete this month.

KSV notes both the Uptowns and Heartlake projects require significant resources because of their scale and have thus opted to allow Elm to focus on Uptowns while retaining Camcos as the new construction manager and development manager for Heartlake.

Due to the aforementioned delay, however, the previous completion date of December 2026 has been revised to September 2027.

Ravine

The third-and-final project is Ravine, a 45-unit subdivision of detached and semi-detached homes planned for 336 Waterhouse Cres. N. in Mississauga. According to the receiver, five of the 45 units were presold prior to the receivership, but three of those five purchase agreements have since been terminated by the purchasers after their outside occupancy dates passed.

Again, no sale transaction for the project has been secured so the plan is now to guide it to completion. According to the receiver, Camcos was a party that showed interest during the sales process and has since been retained by KSV as the construction manager and development manager to complete Ravine.

“Camcos has been involved with the Ravine Project since mid-2024, and in that time has become intimately familiar with the Ravine Project, including through: (i) assisting the Receiver to determine the feasibility of the Ravine Project; and (ii) assisting the Receiver to communicate with consultants, engineers and construction trade vendors, including to review existing contracts and tender new contracts,” KSV wrote.

The court approved the retention of Camcos in October and KingSett has agreed to loan $27,468,000 — at an interest rate of prime rate plus five per cent per annum — toward constructing the project.

Completion is currently estimated at April 2027, under the assumption that all units will be sold by October 2026.

Both KingSett Capital and Camcos declined to comment for this story.