Peak Cranbrook Properties Ltd, owner of a significant industrial property has defaulted on its mortgage and has until next spring to redeem the full $2.3 million owing to the City of Cranbrook. A judge conditionally ordered the company to provide the remaining balance owed to the City of Cranbrook by early April 2026. …Peak purchased the property for $6 million from the City of Cranbrook in 2020. …However, according to court filings, Peak has not paid its latest mortgage installment that was due November 2024. …Currently, the property also features three tenants with business operations, one of which includes a finger-joint manufacturing plant, which employs roughly 50 people. The … finger-joint operation is used as a base for logging operations in the region, primarily for Canfor mills in Radium and Elko. …Prior to Peak’s ownership, the City of Cranbrook acquired the entire industrial property in 2018 from Tembec/Rayonier for $3 million.