New Partnership Provides Stability and Capital Solutions to Seniors Housing and Healthcare Assets
NEW YORK, May 5, 2020 – Fundamental Advisors LP (“Fundamental”), a leading alternative asset manager focused on municipal, public purpose and community assets, today announced the formation of a strategic partnership with Scribner Capital, LLC (“Scribner Capital”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry. The partnership will deploy stable capital to the seniors housing and healthcare sectors in light of the unprecedented volatility and uncertainty in today’s market.
Combining Fundamental’s flexible capital and vast investment experience with Scribner Capital’s expertise sourcing and structuring opportunities, the partnership advances a long-standing relationship between Fundamental and James Scribner, the Principal of Scribner Capital. Having worked together on numerous transactions over the past 10 years, the principals share a deep level of trust and view into current and future market dynamics.
With the ability to move quickly and invest throughout the capital stack, the partnership will focus on joint venture equity deals with experienced owners, operators and developers, as well as preferred equity and mezzanine debt. The partnership also expects to target non-performing debt and opportunities in the debt capital markets.
“As an active investor in critical community assets and with our proven track-record in seniors housing and healthcare, expanding our relationship with an experienced partner in this space is a key initiative for our firm as these sectors experience headwinds,” said Laurence Gottlieb, Chairman and CEO of Fundamental. “With the current dislocation in the capital markets and anticipated occupancy problems across the industry, financial solutions and creativity are needed now more than ever to deliver stability to assets facing challenges.”
“The seniors housing and healthcare industry will face significant issues, which will result in owners, operators and developers needing flexible and patient capital solutions in the post-pandemic environment,” said Mr. Scribner. “This strategic partnership will help provide the critical resources needed to deliver housing and care to communities across the U.S.”
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental invests through a range of vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.Fundamental.com.
About Scribner Capital
Scribner Capital was formed during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 15 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.
Jon Keehner / Julie Oakes Joele Frank, Wilkinson Brimmer Katcher 212-355-4449