By South Vancouver Parks Society – Contact us via twitter @feesimplepark or @glenchernen
BC Housing made $15,224,870 in “supplier payments” to Brenhill development in the year ended March 31, 2016.
It looks like $15,224,870 in “supplier payments” was additional to loans that were financed by BCH and supplier payments/bill payments are not the same thing as lender financing. This supplier payment by BCH does not appear to match previously disclosed information from BCH either so it looks a little strange in our opinion. We have shared this information with loan officers, builders and other real estate professionals, and they agree an explanation from BC Housing is needed.
We are not aware that Brenhill Developments were a supplier to BC Housing and would like to know what they have supplied to them? Why has BC Housing made $15,224,870 in payments to Brenhill Development and listed them as a “supplier of goods and services”?
The BC NDP obtained a list of BC Housing “new projects” which were discussed in the legislature last week. The list revealed an amount of $15,109,337 that was supposedly provided in financing. Registered financing from BC Housing is not the same as a BC Housing $15,224,870 expense payment made to a supplier, who happens to be a borrower.
- Although it may very well exist, we have not been able to find any record on land titles, of a $15,109,337 loan ever having existed in connection with the this deal.
- The BC Housing list does not reveal $15,224,870 in “supplier payments”either.
- Additionally, the list did not disclose the $39 million dollar loan to Brenhill Developments for luxury condos which was registered on title at 508 Helmcken.
Supplier Payments vs Financing
$15,224,870 in “supplier payments” to a developer
The $15,109,337 that was supposedly provided in “financing”
Also observed was a $248,896 “supplier payment’ to a firm named “Brook Pooni”. They happen to have been Brenhill Development’s early stage 508 Helmcken consultant. Brook Pooni are known as a private industry real estate consultant/lobbyist, who are involved in assisting developers in their rezoning process and “communicating” with the public. It is likely that this was connected other contracts with BC Housing although clarification to the public would be helpful.
You can contact South Vancouver Parks Society via twitter @feesimplepark or @glenchernen
or visit our website at vanparks.ca