The mixed-use building at 72 James Street North has been sold after entering receivership. Forge & Foster Holdings Inc. and Clifton Blake Partners LP were its beneficial owners.
Forgestone Mortgage Fund LP loaned $5.7 million to 72 James Investments Inc., which has defaulted on payments. Forge & Foster listed the building for sale before the receivership; now, Forgestone is seeking to sell the property and recover its loan.
The receivership documents state that 6 of the 29 residential units are vacant, and one of the three commercial units is vacant, with a letter of intent signed for the vacant commercial unit.
This is a rare window into the rental stats of one downtown Hamilton building.
Concerningly for the tenants, the receiver’s latest report stated the building was being sold to 2793530 Ontario Inc. This company was fined for illegally denying a renovicted tenant their right to return.
Ontario’s Superior Court approved the sale in early May.