Harrison Street Real Estate Capital enters into $100M joint venture
April 16, 2010 | Staff Writer | Print Article | Email this Article
Chicago-based Harrison Street Real Estate Capital has entered into a $100 million joint-venture relationship with The Northbridge Companies of Burlington, Mass and its partner Sandy River II of Portland, Maine.
The partnership will focus its efforts on the development, acquisition and operation of dedicated memory care facilities and assisted living communities throughout the northeastern region of the United States, with an emphasis on New England.
The primary initiative of the venture is to develop a portfolio of AVITA-branded senior housing assets that will consist of long-term healthcare properties that will cater exclusively to those seniors in need of health-related services and cognitive care. The partnership has identified significant unmet demand in the high-acuity and memory care care-levels within Northbridge’s primary markets.
The first transaction funded by the partnership is AVITA of Needham, a 62-unit assisted living community specifically designed to care for individuals with memory loss. The $15 million development will be located at 880 Greendale Ave in Needham, Mass, which is a suburb west of downtown Boston. The project has commenced construction, and construction financing was provided by Needham Bank of Needham, Mass.
Tags | Chicago, finance, healthcare
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