Align Properties, previously Vivagrand Developments, faces foreclosure on a fourth Vancouver project. The Supreme Court of British Columbia is handling the foreclosure of a land assembly at 5589-5661 Baillie Street, where Align planned two six-storey rental buildings with 120 units. The rezoning application was approved by the City of Vancouver in July 2022.
Foreclosure was initiated by Amber Mortgage Investment Corporation in November 2023 over a $5.3M loan. Amber’s formal demand and subsequent foreclosure actions have pushed the outstanding debt to nearly $6M by May. A court order in May set a one-day redemption period, which Align Properties failed to meet, after which the property was listed for sale by Cushman & Wakefield at $22M. The properties’ combined BC assessment value is $17.8M.
This follows three other foreclosures:
1. 28-storey tower at 1555 Robson Street, foreclosed by Pacifica Mortgage Investment in June 2023 and sold to GWL Realty Advisors.
2. 21-storey tower at 1485 Davie Street, foreclosed by Bancorp Financial Services in September 2023.
3. 33-storey residential and 12-storey office tower at 5812-5844 Cambie Street, foreclosed in March 2024.
Align Properties lists only these four projects on its corporate website, all now in foreclosure.
