By Alex Ciorogar
Sienna Senior Living Inc. is closing in on the acquisition of two luxury retirement residences in Barrie and Kingston, Ont. for more than $160 million. With a total of 384 units, the properties feature a range of lifestyle options and programs, including independent living, assisted living and memory care suites.
Waterford Retirement Residence Barrie is located on Edgehill Drive in Barrie, Ont. The six-story, 202-unit property offers a full range of services with 155 independent living, 31 assisted living and 16 memory care suites.
Located on Cataraqui Woods Drive in Kingston, Ont., Waterford Retirement Residence Kingston is a 182-unit, 200,000 square foot community. The five-story building features 142 independent living, 25 assisted living and 15 memory care apartments.
The projects are expected to be completed in the last quarter of 2017.
Diverse Financing Package
The acquisition will be financed through the assumption of roughly $62 million in existing mortgages, at a weighted average interest of 3.6 percent and a weighted average term to maturity of 4.3 years. The company is also sourcing funds from the net proceeds of an upcoming public offering and up-financing of existing debt or draws from its various in-place credit facilities.
The aforementioned public offering calls for underwriters TD Securities Inc. and BMO Capital Markets to purchase 5,731,000 common shares of Sienna, which at a price of $17.45 per share should net the company roughly $100 million in gross proceeds.
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