NEW YORK CITY-Maplewood Communities is growing in the tri-state area, thanks in part to financing from Aviv REIT, Inc., which has recently provided a first wave of $60 million to facilitate the opening of assisted living communities here.

“The relationship started several years ago and its really a platform for us to grow our portfolio into a regional operator but it will also allow us to have a real local touch,” Maplewood chairman and CEO Gregory Smith tells GlobeSt.com. “Our geographical expansion is basically in the tri-state area, including Fairfield, Westchester County and Manhattan, as well as Bergen County and northern New Jersey.”

Smith says that Maplewood currently has multiple projects in the pipeline--totaling upwards of $200 million. The Manhattan projects alone, should they proceed, would cost $40 to $50 million to develop. If all goes according to plan, this first wave of financing will mark the beginning of a long-term relationship with Aviv. It’s one that Aviv’s chairman, president and CEO Craig Bernfield looks forward to developing as well.

“The real estate for these projects is very nice, but we’re not falling in love with the real estate,” Bernfield says. “Our emphasis is falling in love with the operators.” The two companies got to know each other during the redevelopment of 22 Hospital Ave., a site that was owned by a precursor to Aviv and developed by Smith into Maplewood at Danbury. That facility, rolled into the $60 million, closes as a recapitalization this fall.

When Smith decided that it was time to grow the Maplewood portfolio further, he approached Bernfield, who says that, to date, the two companies have closed three assisted living transactions.

As far as short-term growth strategy is concerned, Smith plans to concentrate on the tri-state area, and perhaps later expand out into New Jersey. “The next 24 months we’ll stay in the Fairfield and Westchester markets and grow to 12 communities, plus or minus,” he says. “Our primary focus is to stay as local as we can and continue to deliver quality of care without compromise.”