Receiver Retains Rennie To Sell Remaining 119 Units At Thind's Highline Metrotown

In late 2023, Thind Properties completed the 48-storey Highline Metrotown tower at 6511 Sussex Avenue in Burnaby, near Metrotown Station and across from the Metropolis at Metrotown shopping centre. The building comprises 332 residential units. However, in December 2024, 119 unsold units were placed under receivership due to financial difficulties.

The receivership was initiated at the request of KingSett Mortgage Corporation, a Toronto-based lender, which claimed that Thind Properties owed them over $146 million related to Highline Metrotown as of November 1, 2024. By January 6, 2025, the outstanding debt had been reduced to approximately $103 million, with daily interest accruing at about $30,000. The reduction in debt is partly attributed to Thind's sale of the building's 10-storey commercial podium for $47.2 million before the receivership order. This space is now set to become a Hyatt Place hotel operated by Mundi Hotel Enterprises Inc.

To address the remaining debt, the court-appointed receiver has retained Vancouver-based real estate firm Rennie to manage the sale of the 119 unsold units. Rennie had previously been involved with Highline Metrotown since 2017 and successfully sold 213 of the building's units. Given their familiarity with the project, the receiver believes Rennie is well-suited to handle the current sales process.

Rennie has proposed listing prices and minimum price per square foot for the remaining units, based on the building's sales history, comparable projects in Burnaby, and input from KingSett Capital. The receiver estimates that selling these units could generate over $100 million, which would significantly offset the debt owed to KingSett.

The receiver emphasizes that holding onto the units is not feasible due to significant carrying costs. Therefore, a prompt and efficient sales process is essential to maximize recovery and address the financial obligations associated with Highline Metrotown.

As the sales process moves forward, potential buyers will have the opportunity to purchase units in a prime Burnaby location, offering modern living spaces with convenient access to public transportation and shopping amenities. The outcome of this sales initiative will play a crucial role in resolving the financial challenges faced by Thind Properties and its creditors.