Mackenzie Vaughan Hospital project reaches financial close

On October 21, 2016 funding for the Mackenzie Vaughan Hospital Project reached financial close. Mackenzie Vaughan Hospital is the first hospital to be built in the city of Vaughan and the first new hospital in the York Region in the last 30 years. The hospital will also be the first hospital in Canada to adopt “smart” technology, which includes systems and medical devices that speak to each other, maximizing the exchange of information. Mackenzie Health in conjunction with Infrastructure Ontario (IO), selected Plenary Health to design, build, finance and maintain the Mackenzie Vaughan Hospital. Long term financing for the project in the amount of approximately $278,000,000 was provided by the Manufacturers Life Insurance Company, The Canada Life Assurance Company and Sun Life Assurance Company of Canada by way of a private placement arranged by Toronto-Dominion Securities Inc., and the short-term bank financing of approximately $150,000,000 was provided by Alberta Treasury Branches and The Toronto-Dominion Bank. Fasken Martineau advised the funders, with a team that included Brian Kelsall, Ella Plotkin, Marc Lefler, Sean Morley, Áine O’Connor, Alex Nikolic, and Jon Holmstrom.