Chartwell Retirement Residences has agreed to acquire a 65-unit long-term care residence and a 171-unit independent supportive living residence located at the Cité-Jardin complex in Gatineau, Que.

Upon completion of the transactions, expected in June, Chartwell will own 100 per cent interest in the Cité-Jardin complex of six towers comprising 863 units.

The purchase price for the acquired properties is $19 million. It is expected to be fully financed by a two-year loan from the chartered bank bearing interest at 4.5 per cent.

Constructed in 2007, the long-term care residence currently has 100 per cent occupancy, while the independent supportive living residence has 78 per cent occupancy.