Sculptor JV Lands $145M Financing for Senior Housing Portfolios
The loans will go toward acquiring and renovating 15 communities in six states.
Image courtesy of Sculptor Real Estate
Sculptor Real Estate and partners Peregrine Senior Living and Vitality Living have landed $145 million in acquisition and capital improvement financing for two senior housing portfolios totaling 15 properties in six states. JLL Capital Markets arranged two separate non-recourse loans, one for each portfolio, through national banks.
Sculptor and Peregrine Senior Living have acquired six senior housing assets in New York, Connecticut and Maryland. The firm and Vitality Living have purchased nine properties in Florida, Kentucky and Alabama. According to Senior Housing News, Peregrine will manage the Northeast portfolio and Vitality will manage the Southeast properties.
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Sculptor and partners were represented in the financing by Joel Mendes, Keith Largay and Jason Skalko with JLL Capital Markets. The seller was represented by Ted Flagg and Mike Garbers with JLL Capital Markets.
The senior housing industry has faced significant challenges during the ongoing COVID-19 pandemic. Operators struggled with staffing shortages and falling occupancy, among others. However, industry experts are optimistic going forward. Demand in the second half of 2021 hit near record highs, with 21,000-plus units absorbed across primary markets, according to the National Investment Center for Seniors Housing & Care.
