Promoted as a place designed to be “the centre of your world,” Thind Properties advertised the multi-million-dollar Eclipse condo tower in Burnaby, B.C., as a place where owners “would never have to leave home” to find balance.
This week, the embattled developer’s own lack of financial equilibrium led a B.C. Supreme Court judge to place two companies incorporated to build the Eclipse and three other towers into creditor protection — the latest Thind projects to face insolvency over mortgage debt.
The order came after a lawsuit was filed against Beta View Homes and Lumina Eclipse Limited Partnership by Kingsett Mortgage Corporation — the same company which forced three other massive Lower Mainland Thind projects into receivership…
