Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $23.0 million project financing for Riverside Retirement Centre, a 130-bed residential care facility in Kamloops, B.C. The credit facility was funded by Industrial Alliance Insurance and Financial Services Inc.
Riverside Retirement Centre Ltd., is an affiliated company of Buron Healthcare Ltd. The construction of the project started in June 2012 and occupancy is targeted to commence in June 2013.
Partner & Co-CEO of Stonebridge, Bob Colliver, stated: “This was our third transaction with Buron Healthcare Ltd. and we continue to be proud of our involvement with them. They’ve got a great team of knowledgeable and experienced people and they have been a pleasure to deal with. We look forward to building a strong relationship in the years ahead.”
Howard Addison, Chairman of Buron Healthcare noted: “We are delighted to bring this development to the City of Kamloops, its seniors and their families. We are also quite satisfied with the financial terms and conditions arranged and delivered by Stonebridge. The terms were quite favourable and will help us provide the best possible facility for our customers with the financing available.” “We continue to be impressed with Stonebridge’s transactional speed, creativity and attention to detail”, added Mary McDougall, President of Trellis Seniors Services Ltd., the Operator.
Buron Healthcare Ltd. develops residential care facilities throughout British Columbia. They are committed to providing the best home possible for residents. Their facilities are designed to be homelike, safe, innovative, efficient and environmentally responsible. Buron also provides care services to 130 seniors at Simon Fraser Lodge in Prince George, B.C. and for 152 seniors at Haven Hill Retirement Centre in Penticton, B.C.
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.