On Tuesday, Cenyard Properties announced that it had acquired full ownership of two development projects in Surrey and Coquitlam, both of which were previously joint ventures with local real estate developer Landmark Premiere Properties, which is facing distress on multiple projects.
Cenyard did not provide transaction details, except that the transactions completed on May 16 and that the total value of the two acquired properties is approximately $90 million. The company also said that it had funding from a major bank for the mortgages on both properties and that it will be “actively advancing” both projects.
Guildford Plaza In Surrey
The project in Surrey is set for the retail complex known as Guildford Place, located at 10310-10340 152nd Street (10310 152nd Street, legally) in Surrey. Tenants include Anytime Fitness, Tim Hortons, and Papa John’s, among others, and the retail complex is located directly east of the sprawling Guildford Town Centre shopping mall.
As first reported by STOREYS on May 2, Guildford Place — held under Guildford Mall Holdings Ltd. — was co-owned by Landmark Premiere Properties and Cenyard and foreclosure proceedings had been initiated against the property on April 28 by Brilliant Phoenix Mortgage Investment Corp, also known as Phoenix Mortgage.
The Guildford Place retail complex at 10310-10340 152nd Street in Surrey. / Google Maps
Phoenix Mortgage said it was owed $5,769,094.52 as of April 30, with interest accruing at the RBC Prime Rate + 25.00% per annum after April 30. The property transacted in April 2018 for $38,000,000 and has an assessed value — dated to July 1, 2024 — of $43,342,000.
Cenyard lists the project on its website as “Guildford Plaza” and the project is expected to include approximately 1,000 residential units, commercial space, and community space across three high-rise towers. The project is designed by Arcadis and is in the early rezoning stages.
Foster Fairview In Coquitlam
The project in Coquitlam is set for a land assembly of single-family lots comprising 629, 631, 635, and 637 Foster Avenue; 662, 666, and 670 Fairview Street; and 656, 663, and 669 Adler Avenue. The land assembly is located about midway between the Millennium Line Skytrain’s Burquitlam Station and the Vancouver Golf Club.
All 10 parcels are held under 1168204 BC Ltd. and have a combined assessed value of $19,921,100. No insolvency proceedings have been initiated against the properties.
A rendering of the Foster Fairview project planned for Coquitlam. / Ciccozzi Architecture
A rezoning application for the site was submitted to the City of Coquitlam in December 2023 for 10 residential buildings with a total of 134 units, according to City records. However, the project has since been redesigned, as Cenyard said in its acquisition announcement that it will now include over 300 units.
The project is listed on Cenyard’s website as “Foster Fairview” and is described as “a six-tower community offering modern 1, 2, and 3-bedroom strata homes.” The project is designed by Ciccozzi Architecture and is also in the early rezoning stages, according to Cenyard.
Cenyard Properties
“We’re excited to take the lead on these two strategic acquisitions,” said Cenyard CEO Jeffrey Liu in the press release. “Both are exceptional Transit-Oriented Development sites with strong fundamentals and long-term potential to develop much-needed housing with real community impact. While Cenyard is a relatively new player in the Metro Vancouver market, we bring a clear, long-term vision: to invest in quality sites, build thoughtfully and add meaningful housing supply to the region. With these projects, we’ve stabilized the path forward, and we’re well-positioned to create lasting value for the communities we’re building in.”
Cenyard Properties was founded in 2020 and is an affiliate of Cenyard Capital Corp, the commercial lending platform that was founded in 2019. Although it is a “relatively new player,” Cenyard is likely recognizable to those who have been following real estate insolvencies.
In 2023, Cenyard acquired the 6.58-acre Southview Gardens site at 3240 E 58th Avenue in Vancouver, one of the properties owned by Coromandel Properties, out of receivership. Last year, it also acquired Coromandel’s E 26th Avenue land assembly near Nanaimo Station out of foreclosure.
According to the company’s website, its team has over 20 years of development experience from overseas and Cenyard’s portfolio includes condominiums, purpose-built rental housing, hotels, retail, and industrial developments in Vancouver, Burnaby, Surrey, and Coquitlam. It also owns nearly 700 acres of land on the Sunshine Coast that are positioned for long-term development.