A Kelowna townhouse development has entered receivership after several months of financial challenges.
Control of Boynton Developments Ltd. was handed to MNP on Aug. 15 after a B.C. Supreme Court order due to millions in unpaid debts.
Boynton Developments was building a 120-unit townhouse development at 665-685 Boynton Pl., marketed as Promontory by the Cynterra Group.
Documents published by MNP show the developer owed mortgage holder KV Capital $7.6 million as of June 6, which was accruing interest at a rate of 11% per year.
“The borrower has no credible funding, investment, or sale opportunities available to address its cash needs within the requisite timeframe and has no acceptable go-forward plan to
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