Chartwell is expanding its Quebec portfolio of seniors homes through two acquisitions.

Toronto-based Chartwell disclosed the deals in its latest quarterly report.

In early May, the company acquired an 85% interest in Chartwell Le Prescott from Boisbriand, Que.-based Batimo Group for $80.2 million in cash and debt. As part of the deal, Chartwell assumed a $41.8-million mortgage bearing interest at a rate of 8.5%.

The mortgage will mature in December 2024.

Built in 2017, the 324-unit complex is located in the Montreal suburb of Vaudreeuil, Que.

Chartwell, acting as the facility operator, and Batimo, serving as the developer, are long-time project partners.

Meanwhile, Toronto-based Chartwell has agreed to acquire an 85% stake in the 361-suite Chartwell Trait-Carré residence located in Quebec City for $85.8 million. The complex was also developed by Batimo.

The deal is expected to close in the second quarter of 2024.

The complex was built in 2021.

Chartwell plans to complete the transaction partially through the assumption of a $58.3-million mortgage bearing an interest rate of 8.3%. The company expects to refinance the assumed mortgage with Canada Mortgage and Housing Corporation-insured debt.

The remainder of the purchase price will be paid with cash on hand and other funds available in the company’s credit facilities.

Pictured: Chartwell Le Prescott in Vaudreuil, Que.

Photo: Chartwell