Bank seeks receivership over downtown Vancouver coworking property

National Bank of Canada is petitioning the B.C. Supreme Court to appoint a receiver over a downtown Vancouver coworking property, claiming it is owed approximately $14.3 million.

The petition names the And-Co coworking space at 1575 W. Georgia St. as the subject property. The bank is seeking Deloitte Restructuring Inc. to be appointed receiver and manager over the real property and related assets, including all personal property, proceeds, and undertakings of the borrower entities.

The initial loan, dating back to January 2023, was for $22 million to refinance 36,038 square feet of commercial office space on the first four floors and two stratified commercial units on the fifth floor, where the coworking space operates.

Defaults began in May 2024. Despite the borrower's sale of other property to ease payment pressures, defaults occurred again in spring 2025. A forbearance agreement reached in February 2026 was supposed to give the obligors more time, but obligations remained unpaid when the forbearance period expired on June 12.

As of June 19, the respondents were indebted in the amount of $14,338,186.96 with interest and fees continuing to accrue.

"As a result of various defaults, the lender has lost faith in management and believes its security is at risk," the petition states.

The court hearing is scheduled for July 21 in Vancouver. As of July 2, no responses to the petition had been filed. Arpeg Group of Companies, which operates the coworking space, did not respond to requests for comment.