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Sault Area Hospital construction project reaches financial close

Date Closed

August 15, 2007

Lead Office



408.00 Million CAD

On August 15, 2007, the Sault Area Hospital, with its co-sponsor Infrastructure Ontario, reached financial close with Hospital Infrastructure Partners (Sault) Partnership (HIP), their lenders, SunLife Assurance Company of Canada, the Manufacturers Life Insurance Company, the Great West Life Assurance Company and CIT Financial Ltd., and the Lender’s Agent, CIT Financial Ltd. for the build-finance-maintain of a new state of the art hospital. The contract value for the construction of the facility, building maintenance, lifecycle repair and renewal and project financing is C$408 million.

McCarthy Tétrault LLP advised Infrastructure Ontario and the Sault Area Hospital, the sponsors, with a team led by Gordon Willcocks.