Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $68.2 million fixed-rate debt financing (the “Financing”) in respect of a portfolio of eight long-term care homes located across southern Ontario (a total of 1,384 beds) that are indirectly owned and operated by Chartwell Retirement Residences (“Chartwell”). The Financing was provided as a top-up to an existing set of long-term fixed-rate construction and term loans arranged and administered by Stonebridge.
Chartwell is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities, from independent supportive living through assisted living to long term care. It is the largest operator in the Canadian seniors living sector with over 200 quality retirement / long-term care communities across four provinces. As of the date of writing, Chartwell employs approximately 15,000 individuals and is listed on the Toronto Stock Exchange (TSE: CSH.UN) with a market capitalization of over CAD 3 billion.