Transactions

Transactions

Overview

Avenir Seniors Memory Care (Los Angeles, CA) Trust Completes Brokered Private Placement

February 27, 2020

Avenir Seniors Memory Care (Los Angeles, CA) Trust (the “Trust”) has completed a series of brokered private placements of 12% subordinated secured bond-linked units of the Trust denominated in Canadian and U.S. dollars.The Trust intends to use the gross proceeds from the offering to purchase bonds from ALA South LP for total par value equal to the size of the offering, which in turn will use the proceeds to indirectly develop, build, lease-up and operate a memory care facility for seniors comprised of 48-units (88 beds) located in Los Angeles, California.

Echelon Wealth Partners Inc. acted as agent to the Trust in connection with the offering, and Echelon Wealth Holdings Inc. acts as administrator of the Trust.

Wildeboer Dellelce LLP acted for the agent and the administrator in connection with the offering with a team that consisted of Ronald Schwass, Rebecca Cochrane and Sarah Wahba (corporate/securities), Katy Pitch and Marija Tasevska (tax).