CALGARY, Oct. 6 /CNW/ - Parkbridge Lifestyle Communities Inc. ("Parkbridge" or the "Corporation"), (TSX: PRK) today announced the completion of a $32 million financing of one of its properties. The financing generated net proceeds of $13.2 million after repayment of a pre-existing first mortgage loan and associated transaction costs. The net proceeds were used to repay a $9.0 million secured facility and to partially repay amounts drawn under the Corporation's operating lines.

In addition, Parkbridge completed the acquisition of two family/senior communities, Crestwood, a 102 site community in Medicine Hat, Alberta and Red Oak, a 56 site community near Tillsonburg, Ontario, for an aggregate purchase price of $6.7 million. Both communities are fully leased and well located in proximity to existing Parkbridge operations.

The Corporation has in place $75 million in lines of credit consisting of a $35 million operating facility and a $40 million acquisition facility. Following the completion of these transactions amounts undrawn under these facilities amount to $22.0 million and $26.8 million respectively.

"In what has become an extremely challenging credit environment, the longstanding relationships we have with our core banking group and traditional mortgage lenders has given Parkbridge the financial flexibility of continuing to execute its established strategy of acquiring select properties in excellent real estate locations", commented Iain Stewart, President, Western Operations and Co-CEO.

Parkbridge Profile

Parkbridge is one of Canada's leading owners, operators and developers of land lease residential communities and seasonal recreational resorts. The portfolio is concentrated in the provinces of British Columbia, Alberta, Ontario and Quebec.

Parkbridge now owns 76 properties containing over 16,400 sites with a capacity to add more than 4,300 sites through expansion of current property holdings.

Parkbridge is listed on the Toronto Stock Exchange and its head office is in Calgary, Alberta.

The TSX has not in any way passed upon the merits of these transactions,
has not approved or disapproved the contents of this news release, nor
does it accept any responsibility for the adequacy of this release.

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Management's Discussion and Analysis in the interim report for the period ended June 30, 2008, the Annual Information Form dated December 5, 2007 and the Management's Discussion and Analysis and audited consolidated financial statements for the year ended September 30, 2007. All reports may be viewed at www.sedar.com.