Portwood Update: Senior Lender Bids $127.1M for Remaining Phases

Woodbourne Capital, the senior lender now holding creditor protection over Portwood’s unfinished phases, has placed a $127.1 million bid to acquire them outright — the clearest sign yet of how this insolvency is likely to resolve.

The project — 23.7 acres on Angela Drive and Cecile Drive, jointly developed by Vancouver’s Edgar Development and Toronto’s Woodbourne Capital since 2018 — was originally planned as a $1.1 billion, five-phase build. Phase One (The Creek, 328 affordable rental homes) was donated to BC Housing and remains on track for 2027 completion. Phase Two (Umbra, 219 strata units and townhouses) is about 80% pre-sold. Neither is affected.

According to a sworn affidavit from Woodbourne CEO Jake Herman, the company pivoted from receivership to CCAA protection to avoid triggering a provincial law that would let presale buyers walk away from their purchase agreements. CCAA protection was filed and granted on August 14, with the stay of proceedings extended to October 26.

Woodbourne’s $127.1 million bid sets the floor for a court-supervised sale process. (Reporting draws on original coverage by Howard Chai, The Realist.)