Ontario Man's Downtown St. John's Properties in Receivership Due to RBC Debt

David Levine, an Ontario man who owns a large chunk of downtown St. John's commercial real estate, is in receivership due to over $1.8 million owed to the Royal Bank of Canada. The bank put Levine and his companies into receivership in February, citing unpaid debts relating to properties in downtown St. John's. The Levine Group owes a total of $1.85 million to secured and unsecured creditors, with the majority owed to RBC.

An Ontario man, David Levine, and his companies are in receivership due to a significant debt owed to the Royal Bank of Canada (RBC). The bank placed Levine and his entities, Sir Humphrey Limited and First Metro Commercial Realty Corporations, collectively known as the Levine Group, into receivership in February 2025. The debt, totaling $1,763,315.13, is primarily owed to RBC, with the Levine Group owing a total of $1,850,637.17 to secured and unsecured creditors [1].

The receivership involves five properties located in downtown St. John's: 168 Water St., 146-152 Water St., 202 Water St., 302-304 Water St., and 177-183 Duckworth St. Deloitte Restructuring Inc. has been appointed as the receiver and manager by RBC, which has the authority to sell and dispose of the Levine Group's secured assets to satisfy its debts [1].

In addition to the debt to RBC, the Levine Group owes the City of St. John's $82,527.79 in unpaid taxes, Newfoundland Power $4,785.25, and small amounts to the CRA, the provincial Finance Department, and private mortgage company Graysbrook Capital [1].

The receivership follows a period of financial distress for Levine, who has owned a large chunk of downtown St. John's commercial real estate for years. The properties in question are significant assets, and their disposition could have a notable impact on the local real estate market.

The situation highlights the potential risks associated with commercial real estate investments and the importance of maintaining financial health and liquidity. Investors and financial professionals should closely monitor the developments in this case and consider the broader implications for the commercial real estate sector.

References:
[1] https://www.cbc.ca/lite/story/1.7598251
[2] https://finance.yahoo.com/news/apollo-commercial-real-estate-finance-072346729.html