Northern Development Initiative Trust has filed a foreclosure notice in B.C. Supreme Court against the Commonwealth Campus Corporation and its partners.
The amount allegedly owing is more than $1.4 million plus interest at a daily rate of $270.48. NDIT had been expecting the loan to have been paid in full on Oct. 31, according to the petition.
Also named is the group's leader, financial advisor and property developer Dan McLaren; along with retired bank executive Donald Blair Kehler; L&M Engineering proprietor David John McWalter; former L&M employee and now CEO of Initiatives Prince George Heather Oland; real estate agent Gordon Richard Langer; and the estate of recently deceased industrial entrepreneur Dan Gialleonardo.
The transaction in question pertains to a mortgage and security agreement taken up with NDIT by the named group in November of 2009 to buy parcels of property in the block around the former P.G. Hotel on George Street.
