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Sale won't impact residents

The operator of Coldstream Meadows says the court-ordered sale of The Lodge will not impact tenants.

Jack Borden said the sale was ordered because of a dispute between two mortgage holders and has nothing to do with Coldstream Meadows.

The sale will not impact the other Coldstream Meadows communities The Terraces, The Views, The Cottages and the Bungalows.

“This involves a dispute between two of our lenders on The Lodge,” said Borden. “We expect that it will be resolved shortly. The court-ordered sale of The Lodge is not impacting the business in anyway. It only effects The Lodge and has no impact on the other neighbourhoods in Coldstream Meadows.”

Borden said the dispute is between the two lenders and “it's out of my control.”

He would not say who the lenders are, stating “that's confidential.”

“One is a first mortgage holder and the other is the second mortgage holder. It ultimately does involve Coldstream Meadows, but until they resolve the issue between them there is nothing I can do.”

According to the website realtors.ca, The Lodge at Coldstream Meadows is for sale for $3.15 million.

The website states: Court Ordered Sale. The Lodge at Coldstream Meadows. Currently operating as a seniors retirement residence. 57 units. Occupancy in July was approximately 75 per cent. Limited amount of financial and operational information available. Beautiful rural country setting. Situated within a 23-acre mixed residential development, condos, row houses and bungalows. Showings only by appointment.



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