Scribner Capital Adds New Joint Venture Operating Partners
New Partnership with Venue Capital and Inspirit Senior Living Acquires two Knoxville Seniors Housing Communities
JULY 7, 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 partnered with Venue Capital and Inspirit Senior Living, to provide joint venture equity for the acquisition of two seniors housing communities.
On June 14th, the newly formed partnership acquired Rain Forest Landings, a 62-unit assisted living and memory care community in Knoxville, Tennessee, and Emory Ridge, a 40-unit stand-alone memory care community in nearby Powell, Tennessee. Formerly operated by a national operator, these new Inspirit Senior Living communities are now rebranded and will receive capital investments to improve their competitive positioning.
Rain Forest Landings is an assisted living and memory care community nestled on just under 10 acres in West Knoxville. Residents enjoy beautifully furnished common areas including a grand dining room, numerous amenity spaces, walking paths and more. Emory Ridge is a freestanding memory care property on almost three acres in the heart of the Powell community. The community offers residents around-the-clock nursing care, safe and secure courtyards, activity rooms, community patios, and large common areas.
The plan is to immediately begin renovations that will be highly customized to reflect each community’s distinctive characteristics. The renovations will transform the properties into welcoming and restorative environments for both residents and visitors, with comfortable furnishings paired with artwork that reflects and celebrates everything Knoxville has to offer.
Like other Inspirit communities, the properties offer assisted living and Inspirit’s Sage Program, which is specifically designed for the memory impaired. The Sage Program’s mission is to honor its residents — creating meaningful interactions, in safe hands, while working within its residents’ memories and abilities.
Michael Goldberg, Chief Executive Officer of Venue, said, "We are excited about the opportunity to expand our capital relationships to include Scribner and look forward to future acquisitions.”
Dave McHarg, Chief Executive Officer of Inspirit, added, “Rain Forest Landings and Emory Ridge are now part the growing Inspirit family of properties, and we are honored to work with the dedicated and highly skilled local teams to deliver superior experiences for our residents.”
“The profile of this transaction squarely fits our investment strategy – partnering with strong, regional operators to acquire high-quality, recent vintage communities that for various reasons are not stabilized. This a great example of our ability to deliver joint venture equity to support the growth of our partners,” said Mr. Scribner.
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 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.