A New York-based senior housing developer sees huge value in developing independent living “light” residences, and is teaming with a New York City hedge fund on a massive, national pipeline, reports business trade journal Buffalo Business First.
Calamar Enterprises, Inc., headquartered in Wheatfield, has entered into a joint venture with Mount Kellett Capital Management LP, a hedge fund operator that manages a portfolio valued at approximately $7 billion.
Together, the companies plan to develop more than 500 independent living “light” units nationwide per year, Calamar President and CEO Kenneth Franasiak told Buffalo Business First.
“This helps us with our position of growing our portfolio throughout the U.S.,” Franasiak said.
Calamar currently has 1,000 senior housing units in its portfolio and is bringing four of its existing “independent light” communities into the venture, according to the report. Those communities include Eagle Crest Senior Village in Orchard Park, N.Y, another in Auburn, N.Y. and two in Omaha, Neb.—valued at a total of $50 million. Three communities under development in Corning, Auburn and Omaha will also be brought into the joint venture.
The independent light units will provide various services for residents, including meal and transportation options to provide access to community centers and movie theaters, the article notes.
“They are designed to empower seniors to live their lives to the fullest,” Franasiak said in the article.
The JV pipeline will nationally expand Calamar’s senior housing portfolio comprised mainly of age-restricted 55+ senior housing.
“We are very familiar with the affordable senior housing base,” said Franasiak. “Now, partnering with Mount Kellett gives us an extra push.”
Calamar has not returned request for comment as of press time.
Written by Jason Oliva