Matchpoint Facing Receivership On Completed Chloé Project In Kerrisdale

Matchpoint Development’s Chloé project at 2096 West 47th Avenue in Vancouver’s Kerrisdale neighbourhood was completed in 2024, but in a surprising turn, the building was placed under receivership in February 2025. It is rare for a fully built project to face insolvency at such a late stage, making Chloé an unusual case in local real estate.

The Chloé building is a four-storey mixed-use development. It includes 46 residential strata units and 11 street-level commercial retail units, set near East Boulevard and the Arbutus Greenway. The developer described the architecture as classical, aiming to reflect the heritage and character of the community.

Though publicly branded as Matchpoint Development, court filings indicate that the legal developer is Lightstone Development—a name used after Matchpoint Development Ltd. changed to Lightstone Holdings Ltd. in February 2019. The property was held by Lightstone under a numbered BC company and subdivided into 57 strata lots according to registry data.

The receivership began after Peterson Investment Group, a frequent local lender, filed a court application over an unpaid second-ranking mortgage. That loan, originated in October 2022 and adjusted twice, totaled $18.5 million at a 10% annual interest rate or prime plus 7.55%, whichever was higher. By early February they claimed they were owed $19.24 million, with interest still stacking up daily.

Peterson reported that the main lender, National Bank of Canada, was owed $47.39 million as of January 22, and that total secured debt on the project reached $77.3 million by February 24. In addition, there was roughly $1.51 million in unsecured debt. Court documents also allege that Lightstone took on extra charges without lender approval, and made side deals—selling pre-sold units at below-market prices or collecting payments directly—leading to defaults under their mortgage agreements.

Though 31 residential and all 11 commercial units were pre-sold, only 22 homes completed closing. Many buyers have backed out or delayed closing as condo values softened. Peterson cited a history of mismanagement and questioned the legitimacy of some presale contracts. Since March there have been no public updates, but the receiver is expected to sort through unclosed presales and likely sell unsold units through court-ordered procedures.