- What Chartwell acquired a $37.5m loan on its Allandale Station retirement residence in Barrie
- Why The refinancing comes two years after Chartwell purchased the property
- What next MCAP provided the funding via a CMHC-insured mortgage
Chartwell obtained a $37.5m loan on a 143-unit retirement property in Barrie, Ont., with MCAP providing the financing through a CMHC-insured mortgage.
Allandale Station, at 357 Yonge Street, was built in 2019. Chartwell bought it in April 2022 for $71.6m as part of a $228m deal that also included retirement residences in Collingwood and Bowmanville.
In March 2023, Chartwell obtained a $37.5m loan on Allandale Station from Computershare Trust Co. of Canada.
Chartwell operates seniors’ residences in Alberta, British Columbia, Ontario and Quebec, with properties in 55 Ontario cities alone. Over the last year, the company has trimmed its portfolio, including the $443.2m sale in September of 16 Ontario long-term care homes to Age Care Health Services and a fund managed by Axium Infrastructure.
