The One, Sam Mizrahi and Jenny Coco’s luxury condo project in Toronto, put into receivership with $1.6-billion in debt

Toronto Skyscraper With $1.2 Billion of Debt Has Been Put in Receivership

A landmark condominium project in one of Toronto’s ritziest neighborhoods has been put into receivership after construction delays and cost overruns.

The One, Sam Mizrahi and Jenny Coco’s luxury condo project in Toronto, put into receivership with $1.6-billion in debt

In its receivership application, KEB Hana Bank said The One’s senior lenders are not prepared to advance additional funds without the appointment of an outside group to manage the project and oversee its development

Sam Mizrahi responds to decision to put The One condo into receivership

In a recent development, The One, an 85-storey luxury condo development project currently under construction at Yonge and Bloor streets, faces receivership as confirmed by court documents. Alvarez & Marsal Canada Inc., a consulting firm, has been appointed as the receiver for all project assets. The decision to place “The One” into receivership comes as a response to a series of economic challenges, including the impacts of the COVID-19 pandemic…