Dundas West Development Site From TAS Under Receivership With $17.5M Debt

A development site at 3775-4005 Dundas Street West in Toronto, owned by real estate developer TAS, has been placed under receivership due to debts exceeding $17.5 million. The Ontario Superior Court of Justice appointed a receiver on March 6, following an application by Cameron Stephens Mortgage Capital in December 2024.

TAS, established in the 1980s, is known for projects like 2 Tecumseth Street and 880 Eastern Avenue. In early 2024, the company shifted focus towards urban industrial properties, citing greater opportunities and less competition. Despite this, TAS continues to manage eight residential projects, including the Dundas Street West development.

The proposed plan for the Dundas Street West site, designed by SvN in 2021, includes a 13-storey mixed-use building with 297 rental apartments, 16,721 square feet of ground-floor commercial space, and a three-level underground parking garage with 228 spaces.

In April 2021, TAS secured a conditional loan agreement with Cameron Stephens for up to $22.5 million, comprising a $16.26 million land loan and a $6.24 million pre-development loan. The loan was secured against a $27 million first-ranking mortgage on the property. Initially intended for redevelopment, TAS later decided to sell the property, accepting a $38 million offer in December 2021. However, this sale fell through before the July 2022 closing date.

Cameron Stephens extended the loan repayment deadline multiple times to facilitate a sale, but TAS was unable to meet its financial obligations. By March 6, 2025, the debt had grown to approximately $17.5 million.

As a result, the court appointed TDB Restructuring Limited as the receiver for the Dundas Street West property. STOREYS reached out to TAS for comments on the proceedings but did not receive a response by the time of publication.