Leisureworld Senior Care Corp. announced that has closed the acquisition of the Madonna Long-Term Care Residence in Orleans, Ontario, following the receipt of regulatory approvals by the Ontario Ministry of Health and Long-Term Care, and the Local Health Integration Network. Built in 2007, the Madonna Long-Term Care Residence is a 160 bed, "A" Class facility, with a current occupancy rate of 99.4% and a 60/40 private/shared accommodation ratio. The purchase consideration for the transaction is $19.9 million, comprised of $13.4 million for the operating business and approximately $6.5 million of construction funding. Incremental expenses for transaction and land transfer costs are approximately $1.1 million. The company will finance the acquisition with a combination of $5.3 million in cash and working capital, and the assumption of $15.7 million in debt, at an all-in rate of 5.2%. The company expects that the integration of the Madonna facility with current operations will present an opportunity to leverage existing infrastructure costs, thereby improving the effective transaction cap rate. The transaction is expected to be accretive to the company's Adjusted Funds from Operations (AFFO) on an annual basis.