Partnership with Venue Capital and Inspirit Senior Living Expands its Knoxville Seniors Housing Portfolio
October 4, 2022 - Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, has added a third community to an existing partnership with Venue Capital and Inspirit Senior Living.
In August, the partnership acquired Windsor Ridge, a 62-unit assisted living community in Knoxville, TN. Windsor Ridge is a great complement to Emory Ridge, a nearby stand-alone memory care community acquired in June.
Located less than five miles from Downtown Knoxville, Windsor Ridge is a well-located assisted living community that serves the needs of senior residents in Knoxville, Powell, Fountain City and surrounding areas. The property is a single story, purpose-built community that features amenities such as a game room, TV room, and sunroom. Residents of Windsor Ridge get the experience of luxury living in a warm, private, country setting while reaping the benefits of an energetic environment.
Renovations will begin immediately to reflect the community's distinctive characteristics. The renovations will update the property into a welcoming and restorative environment for both residents and visitors, with comfortable furnishings and artwork that reflect and celebrate everything Knoxville offers.
Michael Goldberg, Chief Executive Officer of Venue, said, "We are excited about adding Windsor Ridge to the portfolio and expanding our capital relationship with Scribner. We are thrilled to source this opportunity and continue our growth in Tennessee.”
Dave McHarg, Chief Executive Officer of Inspirit, added, “Windsor Ridge is now part of the growing Inspirit family of properties. Windsor Ridge is an ideal complement to our growing Knoxville region, as it provides for operational scale and multiple acuity type options for the growing local population of seniors.”
“The ability to combine Windsor Ridge with two other recent acquisitions in the market provided economies of scale and creates a great three-property portfolio in a growing submarket. This an example of our ability to deliver follow-on equity to support the growth of one of our existing partners,” said James Scribner, Principal of Scribner Capital.
With the ability to move quickly and invest throughout the capital stack, Scribner and its institutional capital partner focus on joint venture equity deals, such as these, as well as preferred equity and mezzanine debt.
About Scribner Capital
Scribner Capital was formed in 2020 during one of the most volatile economic periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For nearly 20 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.