Woodbourne To Take Portwood Development With $127.1M Credit Bid

Woodbourne To Take Portwood Development With $127.1M Credit Bid
News| October 19, 2026| Joel Bowey
Canada + Apartment Buildings

A major piece of Port Moody’s 23-acre Portwood redevelopment is changing hands after years of partnership disagreements, unsuccessful attempts to sell the property and a court-supervised process that failed to attract competing offers.

The Supreme Court of British Columbia approved a $127.1M credit bid from Woodbourne-affiliated lenders on Oct. 13, clearing the way for them to take control of Phases 3 to 5 of the troubled development.

Woodbourne was already deeply involved, holding a second mortgage and a 50% equity interest in the affected phases. In March, its affiliates acquired the matured first mortgage from QuadReal, positioning themselves as senior secured lenders.

When the development entities entered creditor protection in August, Woodbourne emerged as the stalking-horse bidder. Court-appointed monitor PwC approached 30 potential buyers, but no qualified competing offers materialized.

The transaction involves secured debt rather than a $127.1M cash payment.

Originally conceived by Edgar Development, Portwood was planned as a community of 20 buildings, combining market and affordable housing with parks, retail and child care facilities.

In September, Edgar announced it would no longer develop the remaining phases, citing challenging market conditions and difficulties with its partnership.

The Woodbourne transaction covers properties along Cecile Drive, including Phase 3’s planned rental housing and retail hub. Phases 4 and 5 contemplate another 1,376 condominium units, although development permits have not been issued.

BC Housing has also launched separate litigation involving the project’s first phase, which is not part of the transaction.

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