TFG sourced and negotiated the purchase and financing for this initial portfolio transaction with NorthStar Healthcare Income, Inc. NorthStar is structured as a public, non-traded REIT to acquire and asset manage a diversified portfolio of debt and equity investments in healthcare real estate, with a focus on the needs-driven seniors housing sector. The portfolio that closed in the first quarter of 2014 includes:
Harvard Square, a 183-unit independent and assisted living community located in a suburb of Denver, Colorado. The business plan also includes constructing a 38-bed memory care addition on adjacent land. The community is currently in excess of 90% occupied
Parkview at Frisco, a NorthStar and Watermark acquired this newly constructed (2008) independent living asset that was previously under-managed. The business plan includes expanding the property by constructing a new assisted living and memory care building in the strong and growing market of Frisco, Texas. The community is on 12.5 acres and consists of 202 independent living
Pinebrook Retirement Living, a 125 unit, 67% occupied Independent Living community located in Milford, OH (Cincinnati MSA). The venture’s business plan is to convert approximately 35 of the units from independent living to assisted living within the first 12 months of operation.