Chartwell confident in renewing maturing mortgages

Chartwell confident in renewing maturing mortgages

Chartwell confident in renewing maturing mortgages

The largest owner and operator of retirement and long-term care residences in Canada says it is confident it can meet the current economic challenges from COVID-19.

Chartwell Retirement Residences’ CEO, Vlad Volodarski, said Wednesday that the real estate investment trust is well-versed in managing infection control and other management protocols. These have been extended in response to the coronavirus outbreak.

On the REIT’s financial position, he added that while the extent of the potential financial impact is unknown, it is a large, well-capitalized company with a strong balance sheet and liquidity, along with a geographically diversified property portfolio.

He added that renewing mortgage maturities this year should go ahead.

“Currently, we have $65 million of 2020 mortgage maturities remaining, the majority of which are CMHC insured.  We believe we will be able to renew all 2020 maturities as they come due,” said Volodarski.

The retirement residences industry is discussing several funding options with governments to ensure the stability of the sector during the current risks. The Ontario government has recently announced additional funding for long term care and retirement residences.