Development lands at Tobiano have been purchased by a local developer-builder group from former mortgage holder BMO.
Quentin Granger, receiver-manager at Tobiano, told a Kamloops Chamber of Commerce meeting at the resort Wednesday, March 5, about the transaction at the Kamloops Lake property.
BMO, which held mortgages on the resort developed by Pagebrook Inc., forced the property into receivership in 2011, citing non-payment on about $25-million worth of loans. The Business Development Bank (BDB) of Canada also held a separate mortgage on the golf course worth about $5 million.
While Crown-owned BDB sold its interest in the golf course last year to a private group, BMO continued to operate the development lands, utilities and agricultural land through receiver Bowra Group.
But, Granger revealed to the meeting that BMO is no longer involved. He declined to name the new investors, but said they are experienced developer-builders who will reveal themselves at a marketing event later this year that may include rebranding of the project.
He said Bowra Group sold only one lot at Tobiano in 2013.
Although the deal is completed, Granger said there are uncontested legal matters outstanding that will be dealt with in B.C. Supreme Court, which oversaw the receivership.
