Sperling GP Ltd., Sperling Limited Partnership, and 1112849 B.C. Ltd., real estate entities based in Burnaby, British Columbia, were placed under Companies’ Creditors Arrangement Act (CCAA) protection on November 28, 2024, after defaulting on a $210 million syndicated loan provided by RBC, TD Bank, BMO, and Scotiabank. The outstanding debt at the time was approximately $207.6 million (C$207.6 million). The companies, controlled by Peterson Group and Create Properties, had partnered to develop a 14-building, 19-acre project at 6800 Lougheed Highway, adjacent to the Sperling-Burnaby Lake SkyTrain station. Disputes between the partners over project management and financing led to the loan default and creditor protection, with legal advisors including Dentons (RBC), Lawson Lundell (Create), Bennett Jones (Peterson), and DLA Piper (Deloitte, the monitor).

By February 2025, Peterson acquired full ownership and management of Sperling Limited Partnership, and on July 7, 2025, announced a successful exit from the CCAA process after securing a new financing commitment with the same lender group. This renewed financial backing allows Peterson to proceed with the project, which is advancing through final zoning steps for its first phase of over 1,300 homes. Ultimately, the development aims to deliver nearly 6,000 homes across five phases, including for-sale condominiums, market and affordable rentals, community spaces, and significant commercial and employment opportunities.