Marguerita Residence Corporation secures mortgage, completes repayment for Brockville seniors housing project

Brockville’s Marguerita Residence Corporation has officially paid off its loan to the City of Brockville in full, concluding a partnership aimed at securing an increase of senior housing in the city.

In November 2022, council unanimously approved a construction loan of $17 million to the Marguerita Residence Corporation who were having some difficulty securing financing for their 88-unit housing project on Garden Street in Brockville at the site of the former St. Vincent de Paul Hospital.

“Now that the building is constructed and occupied, we are pleased to share that the Marguerita Residence Corporation has secured their conventional mortgage for their property and have repaid the loan in full, including all costs,” the City shared in a media release dated Friday, Jan. 24.

According to its website, “Marguerita Residence Corporation has been providing quality, affordable independent living residences for those 65 and over” for over 40 years.

“City Council are proud to have supported this project which has secured an increase of seniors housing in the City,” reads the statement from the City of Brockville.