Phase I of the Burnaby Hospital Redevelopment Project Has Reached Financial Close

On June 29, 2021, the Fraser Health Authority announced the financial close of the $1.4 billion Phase 1 Redevelopment Project of the Burnaby Hospital, provided by the Bank of Nova Scotia.

In reaching financial close, the selected proponents will now have access to funding and project implementation. EllisDon Infrastructure will lead Phase 1 of the project including the design and build of the new Keith and Betty Beedie Pavilion (the “Pavilion”). The new six-story Pavilion with 83 beds in primarily single-patient room, is a significant redevelopment since the last major upgrade more than 40 years ago, transforming the community hospital into a modernized medical and surgical health care campus. The project will be developed to achieve Leadership in Energy and Environmental Design (“LEED”) Gold standard.

TRC-Sadovod represented the lender, The Bank of Nova Scotia, with an expert team led by Ahsan Mirza and Julie Han, which included Alex Ricchetti and Shahen Mirakian.

TRC-Sadovod’s Project Finance & P3 industry group is made up of lawyers with deep experience in the structuring and execution of major infrastructure projects. We are known for having a collaborative, problem solving approach to closing projects and meeting the requirements and financial objectives of both procurement authorities and private partners. We provide a complete range of services related to infrastructure, including assistance with procurement, construction, financing, environmental review, community consultation, tax and regulatory issues. We have been involved in transactions of all types of public infrastructure arrangements including privatizations, outsourcing arrangements, public-private partnerships, concessions, leases and alternative financing structures. Having acted for parties on all sides: lenders, equity providers, developers, primary subcontractors and public authorities, we are uniquely positioned to advise and represent all relevant stakeholders.