Buyer stays within budget with $700,000 deal for condo corner unit

Peterson has successfully completed the purchase of Create Properties’ stake in the Burnaby Lake Village project, bringing the 19-acre development fully under its control. The project, located next to the Sperling Burnaby Lake SkyTrain station in Burnaby, had nearly 6,000 planned homes across 14 mixed-use buildings. This change ends a lengthy and costly conflict between the two local developers.

The problem began when the partnership defaulted on a $210 million loan. The loan was backed by a group of lenders including RBC, TD Bank, BMO and Scotiabank. Tensions rose because Create Properties refused to agree to Peterson’s plan to either repay the debt or ask for more time. This stuck-in-the-middle dispute prompted the lenders to intervene, and the project was placed into creditor protection under federal law in November 2024.

Efforts to resolve matters by way of mediation and arbitration proved fruitless since both sides could not agree to the terms. By early 2025, Peterson and Create Properties had broken off polite collaboration and turned to legal channels instead. A court-appointed monitor began overseeing the project and setting the stage for a sale or resolution.

On February 6, 2025, Peterson finalised the buyout, taking full ownership of the development. The breakdown of equity at the time showed Peterson held about $35.3 million while Create had about $33.9 million in the project. After the switch, Peterson moved quickly to take out new financing in June, replacing the original debt with a new two-year loan of $207 million, plus a $19 million pre-development facility and a $13 million letter of credit.

With that new credit backing, the company asked the court for relief from creditor protection and the court approved the request. On July 3, 2025, the project officially exited creditor protection. This clears the way for Peterson to continue advancing Burnaby Lake Village through the city approval process and toward construction.

Meanwhile, Create Properties is moving ahead nearby with its own development called Burnaby Lake Heights. That project, sitting on a 14-acre site across the street, has already received final rezoning approval for phase one. Create is working with a new partner, Cenyard Properties, and has announced plans for over 3,500 homes.