Personal Finance

1 Bloor East - would be owners screwed?

  • Last Updated:
  • Jul 20th, 2009 9:07 pm
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[OP]
Deal Fanatic
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Dec 21, 2005
5280 posts
517 upvotes
Markham

1 Bloor East - would be owners screwed?

Looks like the people lined up for their own piece of Bre-X/Lehman Brothers/Nortel :)

I believe Bazis International is also "building" at Yonge & Sheppard (Emerald Park)...not sure if buyers there will get anything

http://www.thestar.com/news/gta/article/668902
http://m.theglobeandmail.com/news/natio ... ice=mobile

Interesting response from the developer:
The new lender purchased the $46-million loan taken out by Bazis from Societe Generale to finance the purchase of the site at a discount when Societe Generale ran into financial problems because of the fall out from the US sub-prime mortgage meltdown. At that time Bazis was negotiating with the French bank for an extension of the loan to allow it to weather the global liquidity crisis.

Bazis also had an agreement with Lehman Brothers to procure construction financing. Lehman Brothers, however, was forced into bankruptcy by the sub-prime crisis.
:idea: :) :lol: :razz: :D
4 replies
Deal Addict
Jan 20, 2004
1065 posts
55 upvotes
GTA
why would the buyers at emerd (yonge and sheppard) be effected?
Deal Addict
User avatar
Apr 11, 2009
2416 posts
63 upvotes
Thornhill
OracerO wrote: why would the buyers at emerd (yonge and sheppard) be effected?
Because Bazis is the company building at yng and sheppard as well. But that project hasn't even broke ground so I doubt the impact will be as severe.

Too bad, I was looking forward to the construction of those towers. I like skyscrapers. :D
Penalty Box
Aug 21, 2007
4878 posts
457 upvotes
gave up on rfd for g…
as i understand, the 70 million people paid is held in trust and would be paid back...but the developers want to build something...just not the whole project so they at least get something...i remember those lines...so silly...

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