Parkbridge Completes $32M Financing, Closes on Seniors Communities
- Oct 07, 2008
Parkbridge Lifestyle Communities Inc. has announced the completion of a $32 million financing of one of its properties. The financing generated net proceeds of $13.2 million after repayment of a pre-existing first mortgage loan and associated transaction costs. The net proceeds were used to repay a $9 million secured facility and to partially repay amounts drawn under the corporation’s operating lines. In addition, Parkbridge completed the acquisition of two senior communities, Crestwood, a 102-site community in Medicine Hat, Alberta; and Red Oak, a 56-site community near Tillsonburg, Ontario, for an aggregate purchase price of $6.7 million. Both communities are fully leased. The Corporation has in place $75 million in lines of credit consisting of a $35 million operating facility and a $40 million acquisition facility. Following the completion of these transactions amounts undrawn under these facilities amount to $22 million and $26 million, respectively. Parkbridge is a Canada-based owner, operator and developer of land-lease residential communities and seasonal recreational resorts. The portfolio is concentrated in the provinces of British Columbia, Alberta, Ontario and Quebec. Parkbridge now owns 76 properties containing over 16,400 sites with a capacity to add more than 4,300 sites through expansion of current property holdings.