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Quebec  + Senior Housing  | 
Chartwell Le Prescott seniors housing complex.

Chartwell Adding Assets to Quebec Portfolio

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


Inside The Story


About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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