Paul Bickford
Northern News Services

Hay River (Sep 23/02) - There are currently no buyers on the horizon for the Mackenzie Place highrise in Hay River.

"There are no sales pending at present," says Jack Thorpe, the court-appointed receiver/manager of the building.

There are currently no offers to purchase the Mackenzie Place highrise in Hay River. - NNSL file photo

Thorpe says that, over the past year, several potential buyers have expressed interest in the property.

Of those, he described two parties as seriously interested.

Within the last several months, one potential buyer conducted due diligence on the highrise, including visiting the property.

Thorpe, who works for Scandinavian Properties Inc. in Edmonton, says the mortgage-holder, Equitable Trust of Toronto, is now in the final stages of foreclosure.

Thorpe says that process can take several routes.

The current owner, Westworth Ltd. of Toronto, can pay what is owed on the building and continue to try to sell it.

If the foreclosure occurs, the mortgage-holder can invest in the building, try to sell it or call upon the mortgage insurer to take control.

The mortgage is insured by Canada Mortgage and Housing Corporation, and it would have to decide what to do with the building if it assumes control.

"They'd be the owner of the building then," says Thorpe.

However, he says it could be several months before the building could end up with CMHC, if it gets that far.

The 16-storey building was constructed in 1973/74. It contains 91 apartment units, along with commercial space.

For tax purposes, it is valued by the Town of Hay River at about $4.5 million.