On October 15, 2024, Mizrahi Development Group (1451 Wellington) Inc., the developer behind 1451 Wellington—The Residences at Island Park Drive, obtained protection under the Companies' Creditors Arrangement Act (CCAA) with liabilities totaling $87.7 million. The project, a 12-storey luxury condominium in Ottawa, has faced delays and is 85% complete, requiring approximately $23 million and seven months to finalize the interior finishing, exterior cladding, and roofing. The largest creditor, TCC Mortgage Holdings, a company related to Trez Capital, is owed $81.1 million. Mizrahi filed for CCAA protection to restructure its finances and secure a debtor-in-possession (DIP) loan from TCC to fund the project’s completion and reduce interest costs. MNP was appointed as the monitor. Legal advisors involved include Cozen O’Connor for Mizrahi Development, Chaitons LLP for the monitor, and Bennett Jones LLP for TCC Mortgage Holdings.