In response to a surge in distressed condo projects in Canada, lenders are stepping in to purchase troubled developments in order to minimize potential losses.
Gentai Capital, a British Columbia-based company, recently invested C$75 million (approximately $53.7 million) along with two partners to acquire a partially completed condo project in Kitchener, Ontario. This demonstrates the measures that lenders are willing to take to protect their investments in the face of a challenging real estate market.