- What Signature Retirement Living has secured a $27m first mortgage
- Why The loan is backed by the Manotick Place Retirement Community
- What next An aging population and low construction starts are driving significant demand for senior housing
Signature Retirement Living has secured a $27m first mortgage for its retirement residence in Ottawa, Green Street News can reveal.
The loan was backed by the Manotick Place Retirement Community at 1145 Bridge Street. MCAP was the lender and Oakbank Capital acted as the mortgage broker. The Canada Mortgage and Housing Corp. MLI Select first mortgage was funded on Jan. 31.
The three-storey retirement residence has 113 suites, comprising independent and assisted living units. It also offers respite stays.
Manotick Place is on the shore of the Rideau River, and is 20 km from downtown Ottawa and 10 km from Ottawa International Airport. It is one of 13 properties Signature Retirement Living owns across Ontario. The company also has two senior housing communities in Alberta.
Cushman & Wakefield said in a recent report that Canada’s senior housing market is continuing to gain favour with investors as Canada’s aging population drives significant demand. Construction starts on senior residences, however, have fallen to an all-time low due in part to rising costs, interest rate hikes and residual effects of the pandemic leading to postponed or canceled projects.
