Vancouver-based real estate developer Landmark Premiere Properties is facing foreclosure on a retail property in Surrey, according to filings in the Supreme Court of British Columbia obtained by STOREYS, the third insolvency proceeding that has been initiated against the company in recent months.
The property is the retail complex at 10310-10340 152nd Street — 10310 152nd Street, legally — in Surrey, directly east of the sprawling Guildford Town Centre shopping mall. The retail complex spans approximately three acres and is called Guildford Place, according to multiple signs on the site. Tenants include Anytime Fitness, Tim Hortons, and Papa John’s, among others.
Guildford Place is held under Guildford Mall Holdings Ltd. and beneficially owned by Landmark Premiere Properties along with Cenyard Investments under Landmark Cenyard Guildford Properties Ltd. The property transacted for $38,000,000 in April 2018, but it is unclear if it was to Landmark Premiere and Cenyard.
Directly to the north of Guildford Place is an Esso Gas Station and 7-Eleven at the intersection of 152nd Street and 104 Avenue. This property is owned by 7-Eleven Canada and is not subject to the foreclosure. Directly to the south of Guildford Place is a standalone McDonald’s at the intersection of 152nd Street and 102A Avenue. This property is owned by McDonald’s Canada and is also not subject to the foreclosure.
The Foreclosure
The foreclosure against Guildford Place was initiated this week, on April 28, by Brilliant Phoenix Mortgage Investment Corp. — also known as Phoenix Mortgage — and an individual named Ziqiang Fan pertaining to a mortgage the two sides entered into in October 2023 for the principal amount of $5,500,000.
The guarantors of the loan were Landmark Premiere Properties (Guildford) Ltd., 1368701 BC Ltd., Cenyard Investments Ltd., Cenyard Properties Ltd., Cenyard Holdings Ltd., Helen Chan Sun, and Xintai Liu. Helen Chan Sun, also known as Yuxia Sun, is the CEO of Landmark Premiere Properties and Xintai Liu, also known as Jeffrey Liu, is the CEO of Cenyard, which was also involved with Coromandel Properties in various capacities.
Few details were provided in the foreclosure application, but the lenders say that the mortgage has matured and the borrowers have defaulted by failing to make periodic payments of the principal and interest.
According to the lender, the outstanding amount is $5,769,094.52 as of April 30. The amount is relatively small — in relation to the BC Assessment valuation of $43,342,000 for the property — but began accruing interest at the RBC Prime Rate + 25.00% per annum after April 30.
The lenders have applied for an order nisi of foreclosure that confirms the debt and sets the redemption date — by which the borrowers can pay the outstanding amount to halt the foreclosure — as well as an order for conduct of sale that would allow them to sell the property if the mortgage is not redeemed.
Landmark Premiere Properties
The foreclosure against Guildford Place is now the third insolvency proceeding that Landmark Premiere Properties is involved in.
The first insolvency, as first reported by STOREYS in January, was pertaining to its Shawn Oaks project located at 5508-5585 Oak Street in Vancouver, a 3.2-acre property where Landmark Premiere was planning three buildings with a total of 600 residential units and a childcare facility. The property was placed under receivership in February with the developer owing $71,756,515.48 to Trez Capital and $27,441,576.26 to Peterson Group. The 5508-5585 Oak Street property was listed for sale in April as part of the court-ordered sales process.
In response to the Shawn Oaks receivership, Landmark Premiere said in a statement provided to STOREYS that the trouble was “an isolated issue” and that the insolvency occurred because two partners on the project that together held a 70% stake in the project stopped making shareholder payments, forcing Landmark to carry the financial burden.
Guildford Place at 10310-10340 152nd Street in Surrey in July 2024. / Google Maps
However, as reported by STOREYS earlier this week, a foreclosure proceeding was initiated against them on April 11 pertaining to 745 W 41st Avenue, 715 W 41st Avenue, and 5693 Heather Street, three single-family residential parcels across the street from Oakridge Park. The foreclosing lender, Lanyard Investments and City Mortgage Investment Corporation, claims they are owed $14,903,636.98.
Including the foreclosure initiated on April 28 against Guildford Place, the total amount of debt is now approximately $120 million, not including interest that has accrued after the respective applications were filed.
Elsewhere, Landmark Premiere has been trying to sell 540 W 65th Avenue and 8120-8168 Lord Street in Vancouver, where it has received approval for two six-storey buildings with a total of 146 rental units.
STOREYS reached out to Landmark Premiere earlier this week regarding the Oakridge foreclosure, but did not receive a response.