2006
In 2006, David continued to build the team that would help him forge the journey ahead. By the early part of the year, The Freshwater Group was well on its way toward investing in two more large-scale continuing care retirement communities in the Northeast. In August of 2006, an affiliate of The Freshwater Group completed the purchase of 3030 Park, in Bridgeport, Connecticut. 3030 Park was originally built in 1969 and was the first CCRC in New England. Just one month later another affiliate of TFG completed the purchase of The Fountains at Logan Square East, a CCRC located in Center City Philadelphia. Logan Square East was one of the few assets not sold as part of the Sunrise Senior Living transaction in 2005.
The purchase of these two large CCRC triggered another important milestone for TFG and its sister management firm, Fountains Management Services. With these asset purchases, we launched a new brand, Watermark Communities, for all future communities. FMS also adopted a new name to match the brand, Watermark Retirement Communities, Inc .
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Now named The Watermark at 3030 Park and the Watermark at Logan Square , these two acquisitions represented the first of many exciting and challenging repositioning and expansion projects for TFG and Watermark Communities.
These acquisitions were also the catalyst to forge a new relationship with Fremont Realty Capital and its affiliate funds (“FRC”), our equity partners on these transactions. FRC is a private equity real estate investment firm with offices in New York and San Francisco. FRC manages a series of discretionary funds. Since its inception in 1997, FRC has made investments in several billion dollars of real estate assets both domestically and overseas. FRC has significant investment experience in the seniors housing sector including assisted living, independent living and skilled nursing. When FRC committed to join forces with TFG and Watermark to purchase these two CCRCs, they made a significant financial commitment. Between the funds required to purchase, renovate and expand these two communities, the TFG/FRC ventures will invest well over $100 million.
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