Bird Construction Inc. recently closed a $77 million debt financing for the Downtown Centre PPP project in Moncton, Canada.
Stonebridge Financial Corporation has acted as financial advisor to Bird Construction. Construction financing for the project was provided by TD Bank Financial Group and BMO Bank of Montreal.
The total project investment is estimated at CAD$107 million (US$80.3 million). The province has committed CAD$21 million in a forgivable loan for the project.
Bird Construction will design, build and finance the construction phase of the 250,000 sf facility, which will include a single NHL sized ice surface with more than 9,000 permanent seats and up to 10,000 seats to accommodate other events. The Downtown Centre also includes flex space, a club lounge, private boxes and a multi-use outdoor plaza facility.
The PPP contract also include the operation and maintenance of the facility over a 30 year period.
Bird Construction expects to start site development this fall with full construction starting in the spring of 2016. The new arena is expected to be open by the fall of 2018.
Additionally, the city of Moncton has tapped WTP Consultants, to oversee the construction of the new facility.
Moncton is a Canadian city located in Westmorland County in southeastern New Brunswick. The city has a population of about 70,000 inhabitants and covers 142 km². The underpinnings of the local economy are based on Moncton's heritage as a commercial, distribution, transportation, and retailing centre.