This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

On March 27, 2020, PricewaterhouseCoopers Inc. was appointed as Receiver, of all of the assets, undertakings and properties, inclusive of the condominium project in downtown Toronto located at 33 Yorkville Ave., otherwise known as the Residences of 33 Yorkville (collectively, the “Property”), of 33 Yorkville Residences Inc. and 33 Yorkville Residences Limited Partnership (collectively, the “Company”).  The Company is controlled by the Cresford group of companies.

On June 4, 2020, the Court granted an order (the “SISP Approval Order”) authorizing the Receiver to commence a sale and investor solicitation process (the “SISP”).  Unless otherwise defined, capitalized terms used on this page of the website shall be as defined in the SISP Approval Order.
The full text of the SISP as well as its terms and conditions are set out in Schedule “A” to the SISP Approval Order, a copy is attached below. A summary of the SISP can be found in the Receiver’s Second Report dated May 25, 2020.
The purpose of the SISP is to seek and implement proposals from Participating Bidders to acquire the Property or refinance the Business. The SISP is designed to be a broad and flexible process to canvass a sale proposal and/or an investment proposal to repay existing indebtedness of the Company and provide additional financing to complete construction of the Property. The Receiver has retained CBRE Limited and RBC Capital Markets Realty Inc. (together, the “Broker”) to assist in the development and execution of the SISP and related marketing strategy.
The marketing of the Opportunity, and negotiation with Potential Bidders described in the SISP will be conducted by the Broker on behalf of, and under the supervision of the Receiver.
The following table sets out the key milestones of the SISP.

Milestone Date(s)
Phase 1: Formal Marketing Process and Initial Due Diligence Period June 5, 2020 – July 9, 2020
Phase 1 Bid Deadline July 9, 2020
Phase 2: Due Diligence Period for Selected Bidders July 14, 2020 – August 6, 2020
Phase 2 Bid Deadline August 6, 2020
Court Approval of Successful Bid Not later than the week of August 24, 2020
Targeted Closing Date Not later than late-September, 2020
Title Date
SISP – Approval Order 2020-06-04
Receiver’s Second Report to the Court 2020-05-25

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The Secured Creditors or their affiliates may participate in the Sales Process either by way of i) submitting a Protective Credit Bid (in a value that does not exceed its Lender Claims and all Priority Amounts ranking ahead of its Lender Claims) shortly after the end of Phase 1; or ii) by acting as a Participating Bidder by delivering a Participation Notice on or before June 5, 2020, in which case the Secured Creditor’s bid may exceed the value of a Protective Credit Bid. However, upon delivering a Participation Notice (unless and until the Secured Creditor irrevocably ceases to be a Participating Bidder), such Secured Creditor is no longer a member of the Consultation Parties entitled to receive information regarding the bids received and to consult with the Receiver at various stages in the SISP.

To obtain further information regarding the SISP interested parties will be required to sign a non-disclosure agreement. For additional information concerning the SISP, please contact the Receiver or the Broker at:

The Receiver:

PricewaterhouseCoopers Inc. LIT,
PwC Tower 18 York Street,
Suite 2600 Toronto
ON M5J 0B2

Attn: Michael McTaggart and Graham Page 
Direct Dial: (416) 660-2100 and (416) 874-3539 
Facsimile: (416) 365 8215 
E-mail: and 

The Broker:

CBRE Limited 
Attn: Peter Senst 
Direct Dial: (416) 815-2355 
Facsimile: (416) 362-8082

RBC Capital Markets Realty Inc. 
Attn: Gary Morassutti 
Direct Dial: (416) 842-8918 
Facsimile: (416) 362-8082 

Contact us

Natalia Chtcherbakova

Consulting & Deals, PwC Canada

Tel: 416-687-8946

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