New JV Announces 101-Unit Senior Housing Community in Mason, Ohio
CA Senior LLC has entered into a joint venture with an affiliate of Goldman Sachs to develop a senior housing community in the Cincinnati suburb of Mason.
By Anca Gagiuc, Associate Editor
Mason, Ohio—CA Senior LLC (CAS), the senior housing platform of Chicago-based real estate investing and holding company CA Ventures, has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop a 101-unit senior housing community in Mason, Ohio.
Evercore Partners was the financial advisor to CAS in the creation of the joint venture, while Polsinelli served as legal adviser.
“The formation of our venture is the culmination of a carefully planned effort to increase CA Ventures’ presence in the senior housing sector,” John Dempsey, COO of CAS, said in a statement. “Our organization has been evaluating the space for several years and, in that time, we have been strategically assembling a high-quality team of professionals to lead the business; we look forward to developing and operating industry-leading senior housing communities across the U.S.”
The planned community represents the first project from a series of 14 senior housing communities to be developed across the country. Goldman Sachs will serve as a capital provider in the joint venture.
The first community will consist of 68 assisted living and 33 memory care units and is scheduled for completion in the summer of 2017. Senior Lifestyle will act as the property manager.
“CA Ventures has been a leading innovator in the student housing and multifamily segments since our company’s inception,” said Tom Scott, founder & CEO of CA Ventures, the parent company of CAS. “In partnering with established financial and operating partners like Goldman, Sachs & Co. and Senior Lifestyle, our team is well-positioned to create modern senior housing communities with the perfect balance of hospitality-level service and best-in-class healthcare options.”
Image courtesy of Taylor Johnson