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Benchmark Completes First Phase of $148M Recap

WELLESLEY HILLS, MA-Kuwait Finance House is Benchmark Assisted Living's newest partner. Benchmark, a locally based senior living provider, completed the first phase of a $148-million recapitalization of its longest held 11-property portfolio in which AEW Capital Management was the original partner.

By Naomi Grossman | Updated on October 06, 2004

WELLESLEY HILLS, MA-Benchmark Assisted Living completed the first phase of a $148-million recapitalization of its longest held portfolio. The deal involves an 11-property portfolio in which AEW Capital Management was the original partner, investing on behalf of AEW Partners II, a real estate opportunity fund. Benchmark says that its newest investor is Kuwait Finance House.

Benchmark has closed on eight of the 11 properties representing approximately $117 million in investment. The remaining three properties in New Hampshire and Maine will close following the completion of state licensing procedures.

“This is a substantial new stage for Benchmark Assisted Living. By completing this recapitalization, Benchmark has delivered excellent returns for its investors and now can prosper and grow to the next level with the support of KFH, a major international core investor,” says Tom Grape, Benchmark founder, chairman and CEO.

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