- What The investment firm is eyeing bids of $3.5m for the mobile home and RV park
- Why Multiple Forge & Foster-owned and associated assets have been placed into receivership
- What next Colliers has the assignment
Forge & Foster Investment Management is looking to offload a mobile home and recreational-vehicle park in Muskoka, Ont., for $3.5m, Green Street News can reveal.
South Muskoka Resort, at 1064 Base Line Road and 1104 Four Seasons Road in Severn Bridge, hit the block earlier this summer. There is an unconfirmed amount of debt on the property. Colliers has the assignment.
The 86-acre parcel includes 38 year-round modular home sites, 13 transient sites and 66 seasonal RV sites. Approximately 40 acres are zoned for future mobile home site development. Water and septic are private.
Amenities include a heated pool, updated washrooms, laundry facilities and a playground. Sparrow Lake and the Severn River are within 10 km of the site. The South Muskoka Resort is 24 km from Orillia and 130 km from Toronto.
At its height, Forge & Foster had more than $400m of commercial real estate under management. Headquartered in Hamilton, Joe Accardi is partner and CEO and Mark Accardi is partner and COO.
The firm acquired $83m of commercial real estate throughout 2020 and 2021, according to The Hamiton Spectator. Purchases included other RV parks and campgrounds, office buildings and multifamily properties, many of which are in the Hamilton area.
However, multiple assets have since been placed into receivership as the firm and other Forge & Foster-associated entities have defaulted on loans.
These include 72-76 James Street North in Hamilton, over which KSV Restructuring was appointed receiver in February. According to court documents, there had been numerous defaults on a $5.7m loan from Forgestone Mortgage Fund LP since it was originated in January 2022. The Ontario Superior Court of Justice approved the sale of the property to a numbered Ontario company in May.
KSV was also appointed receiver of the Cordage Heritage District, at 111 Sherwood Drive in Brantford, in April. Per court documents, 111 Sherwood Investments is indebted to NHE Capital for $12.35m after defaulting on a loan in February.
The Accardis are the directors and officers of 111 Sherwood Investments. There are two other mortgages registered against the title on the property totaling nearly $8.5m, as well as nearly $300,000 owing to unsecured creditors. Colliers is marketing the property on behalf of KSV.
