Grace Management in partnership with an investor group recently assumed operations of a Florida independent living community, The Commons on Pretty Pond (formerly called Bentley Commons at Zephryhills).
Through a negotiated bid process, Grace Management, along with PRN Capital, LLC and TPG Credit Management, L.P., acquired $20 million worth of defaulted tax-exempt bonds for $11 million.
The three groups have created a partnership to invest in senior housing turnaround opportunities, taking advantage of Grace’s past experience in assuming management of underperforming senior housing communities.
Citicorp financed the 108-unit Bentley Commons in 2008, and the community opened one year later. At time of bond acquisition, the community’s occupancy was less than 40%.
The investment group plans to invest additional capital to convert the existing units of independent living into 130 units that will also include assisted living and memory care.
Grace Management, PRN Capital, and TPG Credit Management are actively looking to invest in other turnaround senior housing opportunities.
Written by Alyssa Gerace