Name
The Rekai Centre at Cherry Place not-for-profit long-term care home
Sector
Long-term Care
Location
Toronto
Participation
$176.1 million construction loan and, subject to The Rekai Centres meeting customary conditions, a term loan after construction is completed.
Partners
The Rekai Centres and a major Canadian bank, in collaboration with the Ministry of Long-Term Care
The Building Ontario Fund is financing the construction of The Rekai Centre at Cherry Place, a not-for-profit long-term care home in downtown Toronto. An innovative multi-use facility, it will provide long-term care services for 348 residents and medical services for the community, and create the opportunity for some of Toronto’s most vulnerable seniors to receive personalized care and support.
The Rekai Centres has also reached an agreement in principle with a major Canadian bank for long-term operating financing.
The Rekai Centre at Cherry Place is an example of how the Building Ontario Fund partners with institutional capital to close financing gaps and move vital infrastructure projects from vision to reality.
Building Ontario Fund financing
in a Campus of Care for some of the city’s most vulnerable seniors
