Transactions

Transactions

Overview

Vista Independent Living Trust Completes Brokered Private Placement

April 09, 2020

Vista Independent Living Trust (the “Trust”) has completed a brokered private placement of 12% subordinated unsecured bond-linked units. The Trust intends to use the gross proceeds from the offering to purchase bonds from Vista Independent Living Limited Partnership for total par value equal to the size of the offering, which in turn will use the proceeds, together with net proceeds from its prior offerings (see summary here), to partially fund the costs associated with the development of an 11 storey building comprised of a 181-unit retirement residence containing 38 condominium units, 95 independent living and assisted living suites for lease and 48 memory care suites for lease, located in Victoria, British Columbia.

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).