On June 1, 2026, Chartwell Retirement Residences successfully completed a $382.5 million investment to acquire a 30% ownership stake in a $1.3 billion portfolio of 23 Canadian seniors residences owned by Fengate Asset Management. As part of the transaction, Chartwell will take over as operations manager for the Seasons Retirement Communities portfolio while Toronto-based Fengate will provide asset management services. The portfolio is comprised of seniors housing communities totalling 2,943 suites with 14 properties in Ontario, two in Vancouver, BC, and seven in Alberta.
Cassels played a lead role in the transaction, acting as counsel to First National Financial LP, CMLS Financial Ltd. and MCAP Financial Corporation in connection with the property level loan assumptions.