PARSIPPANY, NJ-Prudential Real Estate Investors has closed on its fourth senior housing fund, the largest ever for the firm, bringing in a total of $568 million in discretionary capital from institutional investors.
“There is a growing need for senior housing in the United States and the demand for high-quality properties that offer a variety of services and accommodations is on the rise,” says Noah Levy, managing director with PREI and the portfolio manager for the fund. “We expect this demand will continue to increase and we look forward to providing an attractive return for our investors over the long term,” he added.
The firm opened its first fund, Senior Housing Partners I, in 1998 and has been managing funds on behalf of investors ever since, following up with Senior Housing Partners II, III, and now IV.
In conjunction with the closing of the new fund, PREI announced the hiring of Atlanta-based senior housing specialist Steve Blazejewski as a principal on the senior housing team. “Steve brings the kind of experience and industry knowledge that will help PREI to identify and target the types of senior housing opportunities that will expand our ability to execute on behalf of our clients,” says PREI’s managing director of senior housing, John Dark.
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Investments in both independent-living housing developments and assisted living properties, including memory-care facilities and communities that offer a combination of services, will be targeted. The fund will make direct and join-t venture acquisitions of existing properties, forward loans on newly constructed properties, mezzanine loans, and development financing.
Prudential Real Estate Investors is the real estate investment management business of its parent, Prudential Financial. The company has fund management centers in Parsippany, New Jersey, and Atlanta; and globally, in Munich, London, Singapore.
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