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First Leaside Group of Companies Completes Purchase of Seniors Housing Facilities in Ottawa and British Columbia

Published: 10/19/2011

By Yana Ermak, Jonathan D. Freeman, Paul Muchnik

On August 26, 2011, The First Leaside Group of Companies (First Leaside) completed its purchase of The Redwoods Retirement Residence and The Palisades Retirement Residence in Ottawa, Ontario from KingSett Real Estate Growth LP No. 2 for an aggregate purchase price of $65 million.

The purchase price for the Ottawa properties was paid in part by the assumption of a $40 million mortgage in favour of Canadian Imperial Bank of Commence.

On September 8, 2011, First Leaside also acquired The Shores Retirement Residence, Cherry Park Retirement Residence and Orchard Valley Retirement Residence in British Columbia from PrimeTime Living for an aggregate purchase price of $25.4 million.

The purchase price for the British Columbia properties was paid in cash and financed by a $19.4 million mortgage provided by The Toronto-Dominion Bank.

While the Ottawa and British Columbia properties will continue to be managed by PrimeTime Living, the addition of these properties to First Leaside’s retirement residences portfolio significantly boosts its presence in the Ontario and British Columbia markets.

First Leaside was represented by in-house counsel, Leon Efraim, and by Cassels Brock & Blackwell LLP, with a team comprised of Alison Manzer (Financial Services), Paul Muchnik (Real Estate & Development), Jonathan Freeman (Real Estate & Development), Yana Ermak (Business) and Bonnie Tse (Financial Services).