JV Sculptor Secures $145M in Funding for Senior Housing Portfolios

Image courtesy of Sculptor Real Estate

Real Estate Sculptor and partners Peregrine Senior Living and Living Vitality secured $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 retirement homes in New York, Connecticut and Maryland. The company and Vitality Living have purchased nine properties in Florida, Kentucky and Alabama. According to Senior Housing NewsPeregrine will manage the North East portfolio and Vitality will manage the South East properties.

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The sculptor and his 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 of JLL Capital Markets.

The senior living industry has faced significant challenges during the ongoing COVID-19 pandemic. Operators have had to deal with staff shortages and declining occupancy rates, among other things. However, industry experts are optimistic about the future. Demand in the second half of 2021 reached near-record highs, with more than 21,000 units absorbed in primary markets, according to the National Investment Center for Housing and Aged Care.

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