Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the completion of a $10.8 million project financing for a 72-bed residential care facility in Salmon Arm, BC known as the Mount Ida Mews project. The credit facility was funded by Sun Life Assurance Company of Canada and The Empire Life Insurance Company.
Mount Ida Mews is owned by Salmon Arm Developments Ltd., a related company of Insite Housing, Hospitality and Health Services Inc. (“Insite”). The construction of the project started in October 2011 and occupancy is targeted to commence in November 2012.
“This was our first transaction with Insite Housing, Hospitality & Health Services Inc., thanks to the introduction by Fountainhead Capital, and we hope there are many more. They’ve got a great team of knowledgeable and experienced people and they were a pleasure to deal with. We look forward to building a strong relationship in the years ahead,” said Bob Colliver, Co-CEO and Partner of Stonebridge.
“We are extremely satisfied with the financial terms and conditions arranged and delivered by Stonebridge, including a fixed interest rate for the duration of the 25 year loan. The terms were more favourable than budgeted for and will enhance the anticipated return on the equity for our partners and investors. We were highly impressed with Stonebridge’s transactional speed, creativity and attention to detail” said Johann Burger, V.P. Business Development of Insite Housing, Hospitality & Health Services Inc.
Insite Housing, Hospitality & Health Services Inc. provides independent, supportive, assisted living and complex care services to seniors in 6 communities throughout BC. Insite partners with health authorities, private operators, non-profit groups and BC Housing working to develop, operate and evaluate innovative programs for seniors. Insite has provided nearly 10 percent of the funded ILBC Assisted Living Units in British Columbia.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in structuring financings for syndication in the Canadian institutional marketplace. Stonebridge prides itself on providing project and structured debt financing, with a focus in the energy, infrastructure, and healthcare sectors. Stonebridge has arranged over $2.1 billion of project debt financing.