BROCKVILLE – The city’s Wedgewood Retirement Resort has been sold to Chartwell Retirement Residences.
The company announced Monday it’s entered into an agreement to buy the 109-suite retirement home on Market Street East for $37 million.
Under the deal, Chartwell will take over a mortgage of nearly $20 million, which matures in April 2017, and the balance will be paid in cash.
The home is owned and operated by the Duthie family.
The deal is expected to close May 1, 2016.
The Wedgewood has an assisted living floor of 27 suites and the transaction includes a half acre of land to possibly build up to 40 more suites in the future.
“We are pleased to add this excellent residence to our portfolio. The Wedgewood strengthens our presence in the Brockville market, where we own the 74-suite Chartwell Rosedale Retirement Residence, allowing for improved operating and marketing synergies,” said Vlad Volodarski, Chartwell’s CFO.
Chartwell is a major player in the retirement home market with over 185 retirement and long term care residences across Canada.