Burnaby-based real estate developer Thind Properties is in the midst of a severe financial crisis, facing foreclosure, creditor protection, and multiple lawsuits. The company, headed by founder Daljit Thind, is grappling with unpaid debts on several major projects, including the Maywood development near Metrotown, the Eclipse Brentwood tower, and multiple other ventures in Burnaby, Surrey, and Richmond.
Maywood Development Under Foreclosure
Thind Properties’ troubles began with its acquisition of the Madeira Manor property at 6677 Silver Avenue (4330 Maywood Street) in Burnaby, which was purchased from Kirpal Group in 2024 for $22 million. The project, planned for a 24-storey tower, has now come under foreclosure after the company failed to meet its financial obligations.
The City of Burnaby had previously approved a rezoning plan for the site, with Thind agreeing to assume responsibility for an outstanding density bonus payment of over $5.6 million, plus interest. However, Thind has failed to make any payments on this debt since taking over the property, leading the city to file a lawsuit in December 2024. The total amount owed to the City now exceeds $6.9 million.
On top of this, Thind is facing foreclosure proceedings from multiple lenders, including Bancorp Financial Services and Strandlund Investments, who are owed more than $8 million on a second-ranking mortgage for the Maywood property. If the company cannot pay off this debt, the property could be sold to recover the funds, exacerbating Thind’s mounting financial woes.
Eclipse Brentwood and $189 Million Debt
Thind Properties’ financial struggles extend beyond the Maywood project. The company is also grappling with significant debt related to its Eclipse Brentwood development at 2381 Beta Avenue, a 34-storey tower near Burnaby’s Brentwood Town Centre. Despite being nearly 95% complete, the project has come to a standstill due to financial difficulties.
KingSett Capital, the lender for Eclipse Brentwood, has initiated creditor protection proceedings against Thind, as the company owes $189 million in mortgage debt. This amount continues to accrue interest daily, further compounding Thind’s financial troubles. Additionally, KingSett has uncovered a judgment from the Canada Revenue Agency for over $11 million, further undermining Thind’s cash flow and ability to secure additional financing.
As construction on Eclipse Brentwood has halted, the company is struggling to reinstate home warranty insurance, which is required for the completion of the project. KingSett has stepped in to offer financing to resume construction, but without a clear resolution, the project’s future remains uncertain.
Additional Legal Challenges and Receiverships
Thind Properties is also facing receivership proceedings on several other projects, including the Highline Metrotown tower in Burnaby and the District Northwest development in Surrey. KingSett Capital, which is involved in the receiverships, holds a substantial amount of debt related to these properties as well, totaling approximately $500 million.
In December 2024, Thind Properties was placed under creditor protection in relation to these projects. The company is now scrambling to find a way to navigate its dire financial situation, with the potential sale of assets or restructuring as possible outcomes.
A Developer on the Brink
The ongoing financial challenges of Thind Properties have cast doubt on its ability to recover. With lawsuits, foreclosures, and creditor protection proceedings mounting, the developer’s future remains uncertain. As Thind Properties faces legal and financial scrutiny, it is unclear whether the company can resolve its issues or whether these projects will be taken over by creditors or other developers.
The Maywood, Eclipse Brentwood, and other developments are now mired in a complex web of legal disputes, foreclosure proceedings, and mounting debt, leaving creditors, tenants, and stakeholders in a precarious position. Whether Thind Properties will be able to emerge from this crisis or be forced into liquidation remains to be seen.