Amherstburg, Lancaster, Prescott, and Tay Valley, Ontario
Participation
Senior secured loan of $133.6 million to fund construction and operational costs across the four homes, subject to customary financial terms and conditions
Partners
Arch Corporation and a major Canadian financial institution, in collaboration with the Ministry of Long-Term Care
The Building Ontario Fund invests in four rural long-term care homes
The Building Ontario Fund has entered into an agreement in principle with Arch Corporation to finance four new and redeveloped long-term care homes in rural communities across the province.
A total of 576 beds – including 276 new, and 300 redeveloped, beds, will be created from this investment, providing more seniors the opportunity to live in a supportive, modern environment close to their loved ones.
The four long-term care homes were assessed as a group to balance their overall risk and financial profile, enabling the smaller homes, in Lancaster and Prescott, to be feasible to develop. Through this innovative bundling approach, the Building Ontario Fund is once again demonstrating its role as a catalyst in advancing high-priority infrastructure projects that would not otherwise proceed.
The Building Ontario Fund is partnering with a major Canadian financial institution to finance the suite of projects.
Key facts
576 beds
576 long-term care beds across four communities
348 beds
$133.6 million senior secured loan
“Thanks to the Building Ontario Fund, Arch was able to secure the financing they needed to transform the future of long-term care for four rural communities.” Peter Bethlenfalvy, Minister of Finance