Business
NexLiving Announces Acquisition of a 58-Suite Building in Lindsay, Ontario
NexLiving Announces Acquisition of a 58-Suite Building in Lindsay, Ontario Cana...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Announces Acquisition of a 58-Suite Building in Lindsay, Ontario\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n April 18, 2022\n \n \n /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) (\"NexLiving\" or the \"Company\") announced today that it has acquired a 58-suite building in\n \n Lindsay, ON\n \n (\"35 Angeline\") for\n \n $13.4 million\n \n . The acquisition will be financed with a combination of cash on hand and\n \n $10.1 million\n \n of new short-term debt, which will include a capital expenditure facility.\n \n \n \n \n \n \n \n \n \n 35 Angeline is a six-storey building located in\n \n Lindsay, Ontario\n \n , a secondary market approximately 60 minutes east of\n \n Toronto\n \n . The institutional quality building was constructed in 1977 and the Company plans to undertake a targeted value-add capital program to reposition the building and suites to satisfy the growing demand for premium rental suites in\n \n Eastern Ontario\n \n .\n \n \n The property fits NexLiving's stated strategy of targeting buildings that are in close proximity to key amenities desired by 55+ residents. 35 Angeline is steps away from downtown\n \n Lindsay\n \n , Ross Memorial Hospital, Lindsay Golf & Country Club and a number of parks and nature trails. This acquisition expands NexLiving's presence in the high-growth\n \n Eastern Ontario\n \n region. Average home prices in the Kawarthas region have doubled from pre-pandemic levels as the 407 Highway extension, which now extends east to just south of\n \n Lindsay\n \n , has dramatically reduced commute times to and from\n \n Toronto\n \n .\n \n \n \n Stavro Stathonikos\n \n , President of NexLiving commented: \"35 Angeline represents a natural extension of our existing strategy of acquiring quality buildings that cater to 55+ residents looking for premium rental options. Once our value-add capital program is complete, 35 Angeline will be a uniquely positioned premium building in the\n \n Lindsa...