Scona Garage Revitalization | ?m | 3s | Hodgson Schilf Evans

[cmd uw]

I believe (CMD can confirm) this was part of the Beljan portfolio that was sold off to another local group/company that now is in a bit of a cash crunch and likely will need to sell more than a few properties.

This was originally part of the Go Beljan partnership back in 2019. For those who don't know that partnership parted ways (amicably) and the building was put up for sale. The building was then 'sold' and the new purchaser ultimately couldn't make their debt payments. And now, it's in judicial sale. More to come at 11....

 

[Oilers99]

Must be one helluva salesmen to convince lenders to give him $19m on four properties despite seemingly having little-to-no CRE development experience.

VTB

 

[David A]

This was originally part of the Go Beljan partnership back in 2019. For those who don't know that partnership parted ways (amicably) and the building was put up for sale. The building was then 'sold' and the new purchaser ultimately couldn't make their debt payments. And now, it's in judicial sale. More to come at 11....

So, wasn't the property just north of this a judicial sale also? Tough neighbourhood!

 

[strata]

Tough industry. The great operators make a lot of money, but that sure ain't a guarantee that everyone does.

 

[cmd uw]

Tough industry. The great operators make a lot of money, but that sure ain't a guarantee that everyone does.

100%

 

[Oilers99]

Tough industry. The great operators make a lot of money, but that sure ain't a guarantee that everyone does.

Doesn't change the fact that many think its pretty easy

 

[cmd uw]

Doesn't change the fact that many think its pretty easy

Yup...like many 'crypto bros' who just happened to get in at the right time. Many are now crying uncle. Real estate is no different. That's why a company has to have 'depth' to survive the ups and downs. The next several months will be interesting to watch in real estate as companies with 'depth' with come out stronger. Those just getting by or have found success by just getting in at the right time will be squeezed.

 

[kcantor]

Doesn't change the fact that many think its pretty easy

reminds me of the old - and painful - joke about how to become a very successful small developer - you simply have to start as a big developer.

 

[Guy 1]

Took a quick look at the receivership files...the picture they paint is hard to believe. Enormous VTBs at prime +4.5% on these properties that were purchased together. It seemed to fall apart almost immediately, with only 1 payment ever made on the mortgages. Not sure how the purchaser was planning on making this work - even if interest rates hadn't gone up as quickly as they did. Perhaps they had expectations of lining up other financing that didn't pan out? Bit off way more than they could chew?

In any case, hopefully these properties find their way into someone else's hands quickly - it would be a shame to see them neglected if this is a long process.

 

[IanO]

MNP Ltd., in its capacity as court appointed Receiver of 2399430 Alberta Ltd. and 2399449 Alberta Ltd., has engaged NAI Commercial Real Estate Inc. (“NAI”) to list and market four prominent properties in Edmonton, Alberta; The Union Bank Inn Property – 10053 Jasper Avenue NW; The Scona Garage – 8020 – 105 Street NW; The Harvest Building – 10315 – 109 Street NW; and, 10507 Saskatchewan Drive NW. Additional details can also be found at our website link below.

2399430 AB Ltd and 2399449 AB Ltd

mnpdebt.ca

 

[IanO]

Check out this listing

8020 105 ST NW NW, Edmonton, Alberta T6E4Z4

www.realtor.ca

 

[Munanyo]

Really hope a competent developer picks this one up and does something special with it. The building itself is beautiful and just needs some love. Maybe the Cidex project UC right now beside it might spur some more interest than usual? Having this building activated would really liven up that little intersection just off Whyte.

 

[_urbanite]

Check out this listing

8020 105 ST NW NW, Edmonton, Alberta T6E4Z4

www.realtor.ca

" just one block south of Whyte Avenue's notorious intersection with 105 Street"

Interesting line they used at the end of the listing description. I didn't realize there was anything notorious about that intersection.

 

[SarcasticMarmot]

" just one block south of Whyte Avenue's notorious intersection with 105 Street"

Interesting line they used at the end of the listing description. I didn't realize there was anything notorious about that intersection.

Maybe they are referring to this? Only notoriety I could find on the 105st intersection, crazy story though!

"As the US Federal Reserve raised interest rates from 1988 through 1990,[16] the Province of Alberta Treasury Branch pressured Clarion to sell the Old Strathcona Post Office to cover mounting losses from hotels in oil dependent towns where Clarion owned hotel properties. This despite never missing a payment or even coming close to default.

A few years later, Terry Semeniuk, the senior person for the Province of Alberta Treasury Branch was charged with taking a Secret Commission because he would pressure his bank clients to sell properties to other Treasury Branch customers who coveted that particular assets.[17] Semeniuk was the subject of, and referenced in several criminal proceedings in the Province of Alberta.[18] This was true of the Old Strathcona Post Office. The Province of Alberta Treasury Branch have made no overtures about restoring the Hansen family property."

Strathcona Public Building - Wikipedia

en.wikipedia.org

 

[IanO]

" just one block south of Whyte Avenue's notorious intersection with 105 Street"

Interesting line they used at the end of the listing description. I didn't realize there was anything notorious about that intersection.

Oilers 2006 'riots'

Edmonton Oilers in the playoffs after a decade-long drought and Whyte Avenue will be ready - Edmonton | Globalnews.ca

For the first time in years the city is preparing for the post season, after the Edmonton Oilers qualified for the playoffs for the first time since the 2005-2006 season with a 2-1 victory over the Los Angeles Kings.

globalnews.ca