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Building Ontario Fund Invests in Prescott Long-Term Care Home

The redevelopment of Wellington House represents the largest-ever investment in Fort Town!

Brockville – The Building Ontario Fund has entered into an agreement in principle with Arch Corporation (Arch) to finance four new and redeveloped long-term care homes across the province, including a 128-bed home in Prescott.

The new build of Wellington House in Prescott will be the town’s largest-ever investment, said Steve Clark, MPP for Leeds-Grenville-Thousand Islands and Rideau Lakes. The three other homes are located in Lancaster, Tay Valley Township, and Amherstburg.

The four long-term care homes were assessed as a group to balance their overall risk and financial profile, enabling the smaller homes, in Prescott and Lancaster, to be feasible to develop. Through this innovative bundling approach, the Building Ontario Fund is once again demonstrating its role as a catalyst in advancing high-priority infrastructure projects that would not otherwise proceed. Consistent with their mandate to invest alongside external capital, the Building Ontario Fund is partnering with a major Canadian financial institution to finance the suite of projects.

“This historic investment in Prescott will ensure that more seniors can remain close to the people and places they know and love. The redevelopment of Wellington House will provide a modern, supportive environment for residents and help more individuals transition to long-term care while staying connected to their community,” said MPP Clark. “Our government continues to invest to build and redevelop hundreds of new long-term care beds to ensure we’re caring for the seniors who built our communities.”

“As the largest investment in Prescott’s history, the development of Arch’s facility marks a watershed moment, and its impact will extend far beyond the walls of the home itself,” said Peter Bethlenfalvy, Minister of Finance. “Thanks to the Building Ontario Fund, Arch was able to secure the financing they needed to transform the future of long-term care for Prescott as well as three other rural communities. The new facilities will better serve seniors and enable more of them to remain close to their families and friends.”

Arch has a longstanding history of serving senior residents in Prescott. The new building will be constructed on the same site as the existing Wellington House and result in a larger, upgraded facility that will accommodate 128 seniors, an increase of 68 beds.

“Securing financing for projects in rural communities presents unique challenges, often due to their smaller scale,” said Michael Fedchyshyn, CEO, Building Ontario Fund. “Taking an innovative approach, as we have done by bundling four Arch properties together, we can bring institutional capital to the table and help advance vital infrastructure projects, like the long-term care homes in Prescott, Tay Valley, Lancaster, and Amherstburg.”

“This investment into Wellington House is a historical moment for the Town of Prescott and will ensure more seniors are cared for from within our community and surrounding area. Having seniors living close to their families benefits all of us. It is essential we take care of our seniors,” said Gauri Shankar, Mayor of the Town of Prescott.

“Riverdale Living is pleased to be building a new home in Prescott that will provide seniors, their families, and staff with the care and support they need to create their own unique care journeys. We want to extend our deepest appreciation to our local government officials and the provincial government for their support and dedication to seeing this project succeed. We look forward to the day we can open the doors and welcome our residents to their new home,” said Dan Argiros, CEO, of Arch Corporation.

Collectively, the four homes will include 576 beds, addressing the growing demand in these communities, some of which currently lack an existing facility. Construction is set to begin at all four facilities in the first half of 2025 and be completed by late 2027.

Quick Facts

  • Through a wholly owned subsidiary, Riverdale Living, Arch Corporation operates 11 long-term care homes across Ontario. Since 2016, Riverdale Living has been redeveloping C-class long-term care homes into modern A-class facilities.
  • The Building Ontario Fund agreement in principle with Arch Corporation will result in 276 new and 300 redeveloped beds.
  • The Prescott long-term care home redevelopment will increase the number of beds by 68, from 60 in the current facility to 128 in the new one.
  • The Building Ontario Fund’s commitment includes a senior secured loan of $133.6 million to fund construction and operational costs across the four homes, subject to customary financial terms and conditions.
  • The four-home bundle is another step toward meeting the Province’s target of a combined 58,000 new and redeveloped beds by 2028.

About the Building Ontario Fund

The Building Ontario Fund will facilitate the development of critical infrastructure across the province by providing financing and advisory services to public sector pension plans, other trusted institutional investors, and Indigenous communities. To address the province’s most immediate needs, the Building Ontario Fund is focused on projects within five priority sectors: affordable housing, long-term care, energy, transportation, and municipal and community infrastructure. An arms-length, board-governed Crown agency enabled by the Building Ontario Fund Act, 2024, the Building Ontario Fund is helping to build a stronger province for Ontario’s quickly growing population and lay a strong foundation for future generations.

About Arch

Arch is a Canadian-based real estate asset manager that invests on behalf of pension plans, institutional investors, and family offices. Through their subsidiary, Riverdale Living, they operate 11 long-term care homes across Ontario.

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