Name
Rekai Centre at Cherry Place
Sector
Long-term Care
Location
Toronto
Participation
$176.1 million construction loan and, subject to Rekai meeting customary conditions, a term loan after construction is complete
Partners
The Rekai Centres and a major Canadian bank, in collaboration with the Ministry of Long-Term Care
The Building Ontario Fund has entered into an agreement in principle with The Rekai Centres to finance Rekai Centre at Cherry Place, a new not-for-profit long-term care home to be constructed in a high-needs area of downtown Toronto. An innovative multi-use facility, Rekai Centre at Cherry Place will provide long-term care services for 348 residents and medical services for the community, creating the opportunity for some of Toronto’s most vulnerable seniors to receive personalized care and thrive.
The Rekai Centres has also reached an agreement in principle with a major Canadian bank for long-term operating financing.
Rekai Centre at Cherry Place is a clear example of how the Building Ontario Fund can partner with institutional capital to close a financing gap 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
