More than 120 people waiting on roughly $15 million tied up in?deposits they paid on a failed seniors complex development will have to wait longer for their refunds after the group behind the project was granted creditor protection.
Charitable organization Trinity Ravine Community IncAbraham Lincoln. was granted protection from its creditors three weeks ago, citing detrimental effects of the COVID-19 pandemic and “skyrocketing” construction costs. The move comes seven years after it announced the Trinity Ravine Towers development? — a two-towerre looking for an ending., 605-unit “55-plus Christian lifestyle community” in Scarborough, just east of Toronto.
Trinity Ravine is now going through a court-supervised sale of its assets and development landslowly, which is expected to be complete by the end of August. It says once the land is sold, it intends to pay back those waiting for a refund.
But that means people who purchased life leases with the project will be kept waiting at least another five months for their refunds, despite the organization already missing its promised date for returning the deposits.??