{"id":514155,"date":"2026-03-04T17:33:09","date_gmt":"2026-03-04T17:33:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/514155\/"},"modified":"2026-03-04T17:33:09","modified_gmt":"2026-03-04T17:33:09","slug":"everest-group-facing-foreclosure-on-24-storey-centra-project-in-surrey-owes-44m","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/514155\/","title":{"rendered":"Everest Group Facing Foreclosure On 24-Storey Centra Project In Surrey, Owes $44M"},"content":{"rendered":"

\"\"<\/a>Centra, planned for 13682 101 Avenue in Surrey. (Atelier Pacific Architecture)<\/p>\n

The long-delayed Centra project in Surrey has become the subject of a foreclosure, according to court filings in the Supreme Court of British Columbia obtained by The Realist, an unsurprising turn of events for a project that had already been delayed for several years and became the subject of lien claims<\/a> in recent months.<\/p>\n

The project was set for 13862 101 Avenue, near the Quibble Creek Greenway and the intersection of 100 Avenue and 140 Street, and is legally owned by 1119356 B.C. LTD. and beneficially owned by Alberta-based Everest Group<\/a>, which has an office in Surrey, Edmonton, and Toronto, according to the company\u2019s website.<\/p>\n

For the site, Everest Group was developing a 24-storey condo tower called Centra<\/a> with 167 units. According to a 2023 Western Investor report<\/a>, the project was nearly sold out, a building permit was obtained in 2018, and construction had commenced before being paused. The Centra project was being marketed by Rennie, according to signage on the site visible from historic Google Maps images. <\/p>\n

Everest Group secured financing for the project from Domain Mortgage Corp., which identified itself in court documents as mortgage administrator and bare trustee for Capstone Mortgage Pool<\/a> and Capstone Mortgage Opportunities Fund LP, which is managed by Langley-based \u201cbiblically informed\u201d Capstone Asset Management<\/a>. <\/p>\n

The two sides entered into a loan agreement in March 2022 for the principal amount of $27,800,000, with interest accruing at 14% per annum \u2014 12% accrued and compounded annually, 2% paid and compounded monthly. Serving as the guarantors were 1877725 Alberta Ltd., Zafir Rashid, Harpreet (Haris) Thiara, Satpreet Thiara, and Franciso Ignacio. According to court documents, one guarantor is based in BC, one is based in Ontario, and the others are based in Alberta.<\/p>\n

According to the lender, the developers are in default of the mortgage after failing to make interest payments, failing to provide the lender with certain reports, failing to pay 2024 and 2025 property taxes, and allowing $15,223,000 in liens to be registered against the property \u2014 including $11.5 million owed to general contractor Metro-Can Construction. The lender says construction stopped around September 2024.<\/p>\n

The lender says they issued a formal demand for payment on December 12, 2025 and was owed $44,166,549.37 as of December 18, 2025, with interest still accruing. The foreclosure was then initiated on December 19.<\/p>\n

Notably, court documents state that the mortgage held by Domain \/ Capstone is second-ranking and that the first-ranking mortgage is held by Desjardins Financial Security Life Assurance Company. The amount of the loan was not disclosed. <\/p>\n

The 13862 101 Avenue property will now likely go through a court-ordered sales process. BC Assessment values the property at $26,708,000<\/a>, but the price guidance will likely be higher in an attempt for full recovery for both lenders. <\/p>\n

\"\"<\/a>Centra, planned for 13862 101 Avenue in Surrey. (Atelier Pacific Architecture)<\/p>\n

Last year, penalties were issued by the BC Financial Services Authority (BCFSA) against Centra Limited Partnership and the directors of some of the aforementioned ownership entities. <\/p>\n

\u201cInvestigation by Staff revealed that marketing for the Development commenced in or about February, 2019,\u201d states the May 2025 BCFSA decision. \u201cSince that date, the Development had entered into approximately 152 purchase agreements and had not consented to any purchase agreement assignments. The earliest purchase agreements were entered into in March, 2019.\u201d<\/p>\n

The developer was obligated to register the presale agreements in the Condo and Strata Assignment Integrity Register (CSAIR) as early as May 2019, but did not do so until Q1 2024, despite being notified of a breach in September 2020. The ownership entities and directors were fined $44,000 as a penalty and $3,800 for expenses. The entities accepted the penalty and waived their right to appeal.<\/p>\n

Perhaps complicating the matter now is that retail investors were also solicited for Centra through Vancouver-based Parvis Invest<\/a>, which was offering 17.5% ARR \u2014 annual recurring revenue \u2014 with a minimum investment of $20,000. <\/p>\n

Parvis Invest previously told <\/a>Storeys<\/a> that they were targeting a total equity raise of $18,500,000 and that Parvis would also introduce its secondary market by Spring 2023 to allow investors the chance to liquidate their investment ahead of time. <\/p>\n

A review of Parvis Invest\u2019s financial documents<\/a> found no mention of how much investment was secured. The company\u2019s webpage for the Centra offering classified the risk profile of the offering as \u201cModerate – High.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"Centra, planned for 13682 101 Avenue in Surrey. (Atelier Pacific Architecture) The long-delayed Centra project in Surrey has…\n","protected":false},"author":2,"featured_media":514156,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194299],"tags":[49,48,87674],"class_list":{"0":"post-514155","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-surrey","8":"tag-ca","9":"tag-canada","10":"tag-surrey"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/514155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=514155"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/514155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/514156"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=514155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=514155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=514155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}