Kandu Announces Acquisition Of Riverside At Belfair In South Carolina

Kandu Capital, LLC (“Kandu”), a private, family-operated investment company specializing in health care acquisition and management, along with its operating company, Bloomfield Senior Living, announced the acquisition of a new senior living community in South Carolina on January 6, 2010. With this acquisition, Kandu expands its diversified, growing portfolio of independent and assisted living, memory care, skilled nursing and mental health facilities throughout the United States. Riverside at Belfair Retirement Community (“Riverside”), located in Bluffton, South Carolina, was built in 2000 and consists of 78,000 square feet sitting on 6-acres. Riverside is a 79-unit independent living community and was acquired at close to full capacity. 

The group expects that they will enhance and upgrade the property and services offered at the facility and the acquisition includes a soon to be opened, adjacent, 23-unit memory care wing. Sunwest Management, Inc. previously owned Riverside. Kandu, leveraging its senior management’s sophisticated investing experience, successfully acquired this asset at a complex foreclosure sale. Tony Kantor, Director of Finance, expressed “due to the nature of this transaction, Kandu was well positioned to close all cash.” This acquisition follows Kandu’s integrated approach of selectively acquiring and managing well-located, value-add, independent living, assisted living and memory care communities throughout the Southeast. Kandu intends to acquire additional senior living communities in this geographic region.