District Northwest Limited Partnership and 105 University View Homes Ltd., owners of land in Surrey, British Columbia, were placed in receivership on November 8, 2024 at the request of KingSett Mortgage Corporation, owed approximately $85.7 million. The Property, intended for a mixed-use development of two towers with 1,023 units known as “District Northwest,” was in the rezoning and development phase, with 90% of units pre-sold.

The companies defaulted on loan obligations since May 2024, failing to make interest payments. Despite KingSett's attempts to negotiate and assess the risk to its security, the loan remained unpaid after a demand for the outstanding balance in August. KSV was appointed receiver.

Legal advisors included Osler for KingSett, Bennett Jones for the receiver, and Richards Buell Sutton for the companies.