91原创's Eureka Masonic Hall could be foreclosed on and sold by as early as March 1, 2025, if the Masons or the current owner, a property development firm, can't pay a $3 million mortgage in default.
91原创's Freemasons founded a local organization in 1922, and in 1927 they built a permanent home for the local group, constructing the Eureka Hall in the 20700 block of Fraser Highway.
Over the years, for the organization, with a tax bill of $40,000 in 2023.
As the local lodge celebrated its 100th anniversary last year, they also unveiled plans to redevelop the site in a way that would allow them to stay in place. The lodge had partnered with Quarry Rock Developments (also known as QRD) to build a new housing project on the site that would also incorporate space for the Masons to continue meeting.
An artist's rendering of the proposed building showed a multi-storey apartment building fronted by a building inspired by the hall. QRD was then best-known in 91原创 as the builder behind the Parque On Park rental apartment building in the downtown core.
However QRD 鈥� which renamed the company handling this project 20701 Fraser Holdings Ltd. 鈥� has since largely collapsed. Multiple properties have been sold or, in some cases, ordered sold by the courts to pay mortgages that were in default. The firm's successfully completed Parque on Park apartment building in 91原创 City's downtown was sold to a real estate investment trust in 2023 for $53.7 million.
In 91原创 alone, QRD has sold or seen foreclosures ordered on properties in Willoughby, 91原创 City, and Brookswood, all of which involved millions of dollars owed to various creditors.
According to a petition to the court filed by Benchmark Estate, QRD took out a $4 million mortgage against the building, starting on Sept. 1, 2022.
QRD was paying an interest rate that was either 9.25 per cent or 4.55 per cent plus the Bank of Canada prime rate, whichever was higher. After one year, that rate switched to a flat 15 per cent per year, compounding monthly.
As of this spring, Benchmark's claim said the developer owed $2,895,753 on the mortgage. However, the company had by then failed to keep up with the payments. In April, Benchmark demanded payment of the entire outstanding amount, plus interest that is still accumulating.
The most recent BC Assessment review of the property valued it at more than $5.7 million, and according to QRD's response to Benchmark's petition, they believe the site is worth $9.78 million "as is" and $39.28 million if developed.
QRD's response also said that a sale planned for May of this year would see the property sold for $4.8 million. It did not say who the buyer was, and later documents do not mention a sale of the site.
At the end of August, B.C. Associate Judge Rory Krentz issued an order setting a deadline for QRD to redeem the property and avoid foreclosure. Preventing the foreclosure will require paying back $3 million, including further interest, by March 1, 2025.
According to 91原创 City, QRD did speak to the City for pre-application discussions about the site earlier in 2024, but didn't submit an application to build.
The property does not currently appear to be for sale.
The 91原创 Advance Times has reached out to QRD as well as the Eureka Masonic Hall Society for comment.
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