A receivership application has been filed against Vancouver-based developer Edgar Development and its sprawling Portwood project, according to filings in the Supreme Court of British Columbia obtained by The Realist.
Portwood is a master-planned community being developed on 23.7 acres on the northern side of Angela Drive and eastern side of Cecile Drive in Port Moody, a few blocks west of Barnet Highway.
Edgar Development and Toronto-based Woodbourne Capital formed a joint venture called WPH Limited Partnership in November 2018 and acquired the site — known as Woodland Park — for $97,500,000 the following month in a transaction brokered by David Venance of Cushman & Wakefield.
The developers secured master plan rezoning from Port Moody City Council three years later, announcing that their $1.1 billion project will deliver approximately 1,590 strata units, 132 market rental homes, 325 non-market affordable rental homes, and various community amenities across multiple phases.
Under Development
Phase One, named The Creek, is set for 296 Angela Drive and will now consist of 328 affordable rental homes across three low-rise buildings delivered in partnership with BC Housing. The developers previously donated the site to BC Housing.
The 107-unit Building A and 138-unit Building B will both be operated by the Entre Nous Femmes Housing Society, while the 83-unit Building C will be operated by the M'akola Housing Society. Interior finishing work is now underway and completion is anticipated in 2027, according to a construction update published by Edgar in June.
Phase Two, named Umbra, is set for 1209 Cecile Drive and will consist of 219 strata units in a low-rise building and townhouses. According to Edgar, 80% of the units have been sold.
Court documents reveal, however, that Edgar and Woodbourne had a dispute over Phase Two after Edgar started charging development management fees pertaining to Phase Two and Phase Three. In late-2022, Woodbourne sent a notice of arbitration, Edgar countered, but Woodbourne was successful and the arbitrator determined that Edgar was required to reimburse the management fees they charged.
According to Woodbourne, the joint venture then tried to sell Phases Two, Three, Four, and Five, retaining Cushman & Wakefield. A verbal offer was secured from an unidentified local developer1, but Edgar did not wish to move forward and the sales process was terminated. However, during the sales process, Edgar secured a buyer for Phase Two and used $28.9 million in sales proceeds to pay QuadReal and partially discharge its security against Phase Two.
The buyer was not identified, but a November 2025 memo from Edgar Development to the City of Port Moody identified Toronto-based private equity real estate investment firm KingSett Capital as a partner on Phase Two2.
Phase One and Phase Two — located on the western side of Cecile Drive — are not subject to the receivership application, Edgar Development told The Realist in a statement, and the receivership application is pertaining to the ownership entities associated with Phases Three, Four, and Five, which consists of 1218 Cecile Drive, 1144 Cecile Drive, 1110 Cecile Drive, 1054 Cecile Drive, 2002 Highview Place, and 1943 St. Johns Street — all located on the eastern side of Cecile Drive.
QuadReal Debt
Edgar and Woodbourne’s 2018 acqusition of Woodland Park was funded by a $68.3 million first-ranking mortgage from the British Columbia Investment Management Corporation (BCI) — through bcIMC Construction Fund Corporation — and a mezzanine loan structured as a credit agreement provided by a Woodbourne affiliate.