The team from Yorkville Asset Management Inc attended the opening ceremony for a new long-term care home in Ontario, owned by Southbridge Health Care.
The Southbridge Cornwall Long-Term Care Home hosts 160 beds for residents over eight acres in the town of Cornwall, Ontario.
Yorkville’s Health Care Fund and Yorkville Private Lending LP completed a $21 million funding of Southbridge Health Care LP and its subsidiary LPs in April 2022 in addition to the secured financing originally in place in November 2020.
The financing will be used to take out BMO first mortgages on certain properties in order to allow Southbridge to more efficiently redevelop these properties.
On April 18, 2023, 53 residents from a nearby care home moved into the new Southbridge Cornwall Long-Term Care Home, which boasts large rooms and state-of-the-art amenities.
Ontario’s Minister of Long-Term Care Paul Calandra was on hand to celebrate the milestone. “This new home is a significant milestone for the City of Cornwall and the United Counties of Stormont, Dundas and Glengarry – and means that 160 residents will have a new place to call home, near their family and friends,” Calandra said.
The Ontario government has earmarked a $6.4 billion commitment to build more than 58,000 new and upgraded long-term care beds across the province by 2028.
“Our government is fixing long-term care and a key part of that plan is building modern, safe, and comfortable homes for our seniors,” Calandra added.
Southbridge, in partnership with Yorkville Asset Management, has five new projects underway for the remainder of 2023.
In a statement, Toronto- and Ottawa-based Yorkville said that it is “pleased to be committed to this sector and looks forward to continuing to be leaders in improving healthcare for Canadians.”
Contact Angela at angela@proactiveinvestors.com
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