New Partnership with Foundry Commercial Provides a Platform for Future Seniors Housing Acquisitions
NEW YORK, March 11, 2021 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, today announced it has partnered with Foundry Commercial, a full-service real estate services and investment firm, to provide equity financing for the acquisition of two seniors housing communities.
Most recently on March 2nd, the joint venture platform acquired Beach House Assisted Living & Memory Care, an 84-unit assisted living and memory care community in Jacksonville Beach, Florida. This follows the partnership’s first acquisition in December 2020 of The Piper, a 120-unit seniors housing community containing 60 assisted living units, 40 memory care units, and 20 physician-directed care units in Kansas City, Kansas.
Both communities will be managed by Foundry Commercial’s senior housing management platform, FSL Senior Living Ventures, LLC, which was formed in partnership with Missouri-based Foster Senior Living in June 2020.
“The profile of these two investments is similar – strong market, recent vintage, high-quality construction, but never fully leased-up and stabilized. This a great example of our ability to deliver joint venture equity to a great partner, Foundry Commercial, and operator, Foster Senior Living,” said Mr. Scribner. “We look to significantly increasing our investment activity in the industry as others are pulling back.”
Scribner provided the financing as part of its strategic partnership with a leading alternative asset manager focused on municipal, public purpose and community assets.
With the ability to move quickly and invest throughout the capital stack, the Scribner focuses on joint venture equity deals, such as Beach House and The Piper, as well as preferred equity and mezzanine debt. The partnership also expects to target non-performing debt and opportunities in the debt capital markets.
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.
Investor and Media Contacts: