10:11 AM EDT, 10/16/2025 (MT Newswires) -- Timbercreek Financial ( TBCRF ) Thursday provided an update regarding its mortgage investment related to a recently renovated 40-storey office tower located in downtown Calgary known as "Stephen Avenue Place" and owned by affiliates of Slate Canadian Real Estate Opportunity Fund I LP.

The company said it is one of several secured creditors with exposure to the property under a mortgage serviced by its affiliate Timbercreek Mortgage Servicing (TMSI). The company said on Oct. 15, TMSI, on behalf of the company and its syndication partners, applied for the appointment of MNP Ltd. as receiver and manager of the property, and as of June 30, the gross mortgage balance was $139 million.

Timbercreek said the decision for TMSI to seek the court-appointment of a receiver and manager was made as the next step in the "path to realization," following the termination of a forbearance period provided by TMSI, and in order to "best protect the interests of all stakeholders in the property."

The company's gross exposure, after accounting for syndicated portions, was $15 million, or 10.8% of the total loan, 1.3% of its net mortgage portfolio of $1.11 billion.

"Our team has originated more than $18 billion in commercial real estate debt since launching our lending platform in 2007 and actively managed a sizable portfolio through multiple cycles," said Timbercreek financial chief executive Blair Tamblyn.

"We are experienced in navigating these kinds of situations to preserve our investors' capital, and that is our primary focus with this asset. The Stephen Avenue Place loan is one of the few investments remaining in the portfolio that were originated prior to the rate hike cycle."

Shares of the company were last seen up 0.3% at $7.34 on the Toronto Stock Exchange.

Price: 7.34, Change: +0.02, Percent Change: +0.27