Maskeen Faces Receivership On Multi-Phase Surrey Project, 39-Storey Langley Tower

Surrey-based developer Maskeen is facing insolvency proceedings on two projects in the Fraser Valley, according to filings in the Supreme Court of British Columbia, and both projects are now under receivership. One project is located at 13714-13758 Bentley Road and 13775 Grosvenor Road in Surrey, a few blocks northwest from Gateway Station and the intersection of 108 Avenue and King George Boulevard. For the site, Maskeen was planning three low-rise buildings with a grand total of 216 units to be delivered in three phases, according to a rezoning application. The project was named Victory. The other project was set for 20120 86 Avenue in the Township of Langley, a few blocks south of the Sandman Signature Langley Hotel. For this site, Maskeen was planning a 39-storey tower with 331 units, and a six-storey building with 133 units, plus 48,750 sq. ft of commercial space. The project is not listed on Maskeen’s corporate website. Surrey MCAP Financial Corporation initiated receivership against the Victory project on January 7, 2026, pertaining to a loan agreement the two sides entered into in October 2022, which was later amended several times to be reduced in size. According to MCAP, the developer told them that presales for Victory would commence in early-2023, with construction commencement targeted for late-2023. The dates were then pushed back to the second half of 2023 and 2024. Maskeen launched Building B in November 2023, reporting 44 presales and $24,400,000 in revenue. Building A was set to launch in Q1 2024, but was delayed to June 2024. By July 2024, Maskeen reported 65 presales, and $36,900,000 in revenue across both buildings. However, under their loan agreement, the developer was required to achieve $50,000,000 in presale revenue for construction financing to be advanced. The two sides amended the loan terms to convert the construction facility into a $24,000,000 non-revolving land facility, shorten the maturity date to February 1, 2025, and include a co…