Boston, MA (June 30, 2017)—Blue Moon Capital Partners LP (“Blue Moon”), a leading senior housing private equity investor, announced today that it has acquired a majority interest in The Carillon at Boulder Creek (“The Carillon”), a 117- unit senior living community located in Boulder, Colorado adjacent to the University of Colorado campus. Blue Moon replaced affiliates of Legacy Capital Partners, an Ohio based, real estate private equity investor, in an existing joint venture. The remaining partners are MGL Partners (“MGL”), a Denver based real estate developer/investor and Leisure Care, one of the largest senior housing operator in the U.S. founded in 1976 and managing independent living, assisted living, and memory care communities across the country. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt.
MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a concrete, nine-story assisted living and nursing care building completely gutting and renovating the existing structure and adding two four- story wings on either side of the original building. Leisure Care’s “Five-Star Fun” approach to senior living has been a perfect fit with the independent, outdoor inclined Boulder residents leading to consistently full occupancy at The Carillon.
About Blue Moon
This marks the tenth senior housing community Blue Moon has made in their $251.5 million fund, Blue Moon Senior Housing I LP (“BMSH I”). Blue Moon, headquartered in Boston, Massachusetts and co-founded by Kathryn Sweeney and Susan Barlow, is focused exclusively on the senior housing sector. Blue Moon’s team has nearly 50 years of experience in senior housing finance and operations. BMSH I invests in development and recapitalization of new, purpose built, innovative senior housing communities in joint venture with leading senior housing developers and operators.
Based in Denver, Colorado, MGL Partners (MGL) specializes in multifamily and senior housing development and investments. Founded in 2005, MGL has approximately $490 million (cost basis) worth of property developed, acquired or under construction. MGL’s three principals have over 60 years of combined real estate development and finance experience, and have successfully developed a broad range of apartment product types, including garden-style, concrete mid-rise, and substantial rehab of both wood and concrete structures. MGL’s investment partners include land owners, non-profits and institutional investors such as UBS Realty Investors, Pritzker Realty Group, Centerline Capital Group, Legacy Capital Group, Raymond James and The Black Creek Group.
About Leisure Care
Leisure Care, headquartered in Seattle, Washington was founded in 1976 and is one of the most established, fully integrated senior housing companies in the nation. Today Leisure Care operates 39 communities and employs over 2,500 people across the United States. With a focus on hospitality and innovation, Leisure Care provides seniors housing services to over 7,000 senior residents. The tenured
leadership team’s unmatched vision combines a historical view of the industry with a progressive, innovative drive towards the future.
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