Peterson Completes Buyout Of Create Properties From Burnaby Lake Village Project

Peterson Group has now taken full control of the Burnaby Lake Village development in Burnaby, British Columbia. Earlier this year, the project entered creditor protection after a disagreement between Peterson and Create Properties led to a default on a large loan. Under creditor protection, the project was shielded temporarily from creditors to allow for restructuring.

Peterson completed the buyout of Create Properties’ share on February 6, 2025, according to Supreme Court filings. Prior to the buyout, Peterson held a slightly larger share, about 51 percent, while Create held 49 percent. This deal ended the partnership and cleared the way for Peterson to move forward on its own.

Later, on June 23, 2025, Peterson entered a new loan agreement worth about 207 million dollars with the same group of lenders. The new agreement also included extra funding, a 19 million dollar pre-development loan and a 13 million dollar letter of credit. This refinancing allowed the project to exit creditor protection by July 3, 2025.

With ownership and financing settled, Peterson is pushing ahead. In mid-July 2025 the company said it is advancing site-specific zoning for the first stage of development. The entire plan spans five phases and will eventually include nearly 6,000 homes, a mix of condos, rentals, affordable units, and commercial space. The first phase alone will feature over 1,300 homes in six buildings, with both rentals and condos, and some street-level shops or services.

This major development sits on about 19 acres at 6800 Lougheed Highway, right next to the Sperling Burnaby Lake SkyTrain station. The plan calls for up to 14 mixed-use buildings ranging from 12 to 25 storeys. The location and design aim to create a vibrant, transit-friendly community in one of Burnaby’s growing neighbourhoods.

Meanwhile, Create Properties continues with its own nearby project called Burnaby Lake Heights on a separate 14-acre site at 7000 Lougheed Highway. That project has also received rezoning approval and is moving through its approval stages. Despite the split, both companies remain neighbours working on large-scale development in the same area.