Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU) recently completed the final close for its fourth senior housing fund, Senior Housing Partners IV, after securing $568 million of discretionary capital from institutional investors. This marks the largest senior housing fund ever for the firm.
“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,” said Noah Levy, managing director with PREI and portfolio manager of 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.”
The closed-end fund will target senior housing investments in independent living, assisted living, and memory care properties, among others, including communities offering a combination of those services. Prudential plans to focus on direct and joint venture acquisitions of existing properties, forward commitments on newly constructed properties, mezzanine loans, and development.
In other news, Prudential recently brought two new players onto its senior housing team. Casey Moore recently joined Prudential Mortgage Capital Company’s senior housing originations team as a principal after serving for 10 years as senior managing director at Red Capital.
The firm then hired Steve Blazejewski as a principal at Prudential Real Estate Investors; his former position was vice president of senior housing at Health Care REIT, Inc. (NYSE:HCN).
Prudential says the hirings represent its commitment to expanding the company’s senior housing origination platform and strengthening its agency relationships.
Written by Alyssa Gerace