Sign of concern, thirty legal mortgages have been registered on real estate projects carried out by the Selection Group, during the last week alone, learned The newspaper.
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These mortgages, for a total amount of $6.65 million, were taken out by just over twenty companies in the construction sector, currently at work in five Groupe Sélection real estate projects, currently in financial difficulty.
The legal hypothec allows contractors who have participated in the construction or renovation of a building to protect the sums owed to them for the work carried out. Normally, such a mortgage takes priority over the lenders’ conventional mortgages, even if these have been published before.
Five targeted projects
Five specific Groupe Sélection projects were targeted by entrepreneurs last week. We are talking about the Lokia St-Sacrement in Quebec, the Sélection Retraite Repentigny, the Liva complex in Mirabel, the District Union complex in Lachenaie (Terrebonne) and the Veritage Lachine (or 2100 Remembrance) in Montreal.
The two largest legal hypothecs relate to formwork. One of them was listed by Coffrage Forma+, for work worth $1.2 million, in Mirabel. The second was registered by Coffrages Atlantique, for work of $881,902, in Repentigny.
The excavation company JM Demers, of Lévis, is claiming $848,955 for work carried out by Conception Habitat 2015, owned by Groupe Sélection, for the Lokia Saint-Sacrement project in Quebec. For its part, Guillevin International, a major distributor of electrical products, registered two mortgages totaling $562,000 on complexes in Lachine and Mirabel.
Millions in guarantee
Incidentally, it is the Liva complex in Mirabel, whose work began during the summer, which has had the highest number of legal mortgage registrations for a week. The seven mortgages registered on this project totaled no less than $2.46 million last week.
The Lokia Saint-Sacrement of Quebec was targeted for its part, by ten new legal hypothecs for an amount totaling $2.13 million. The largest were by JM Demers and Fabri-Concept DM ($450,000).
Finally, Sélection Retraite Repentigny saw eight new legal hypothecs registered on its project, for a value of $1.64 million. Besides Coffrages Atlantique, the largest mortgage was registered by Armoires Contessa ($220,116), of Vaudreuil Dorion.
-With the collaboration of Philippe Langlois, of the Bureau of Investigation