03-11-2015, 10:16 AM
The Record: 144 Park project in Waterloo runs out of money
No word on the status of 155.
Quote:Mady Group sought the trustee appointment after defaulting on its mortgage.
Of the 149 units in the 19-storey building, 129 are sold and owners have been in their residences for several months. But after liens were registered against the property Mady was unable to close the sales and provide purchasers with their title documents.
Two penthouses, 15 apartment units and three townhouse units had not been sold as of January.
Between October 2014 and Jan. 15, $3 million in construction liens were registered against the property by 17 contractors.
The trustee will finalize the condo sales, finish registering the plan of condominium with the Region of Waterloo and City of Waterloo and hire a contractor to complete the necessary work on 20 unfinished units that would allow them to be sold and the money used to settle debts.
No word on the status of 155.