Investcorp Recaps Assisted Living Portfolio

[IMGCAP(1)]NEW YORK CITY-Locally based Investcorp’s US-based real estate group have recapitalized on a two-property assisted living portfolio it jointly developed in partnership with McLean, VA-based Sunrise Senior Living Inc. With this recapitalization, Investcorp fully exited its investment in both properties while Sunrise and an affiliate of Southport, CT-based Herbert J. Sims & Co. Inc. will jointly own and continue to operate both locations. An Investcorp spokesperson tells GlobeSt.com that terms of the transaction were not disclosed.

[IMGCAP(2)]Investcorp and Sunrise formed their joint venture in June 2004 to develop and operate two senior living communities for approximately $35 million. The two properties included: Sunrise of Crestwood in Yonkers; and Sunrise of Upper St. Clair, in Upper St. Clair, PA. The deal marked the first JV partnership between Investcorp and Sunrise Senior Living as GlobeSt.com previously reported.

[IMGCAP(3)]Investcorp entered the opportunity in 2004 with a business plan to develop the two properties successfully and bring them to a stabilized operating level, according to Peter Petron, principal of Investcorp’s Real Estate group. “Having achieved our stated objectives together with Sunrise, now is a natural time for us to work with them on a recapitalization of this portfolio. We look forward to future development and investment opportunities with Sunrise in the assisted living sector.”