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News Releases: Bloomfield Hills Press Release – for immediate release

BLUE MOON AND CEDAR BROOK COMPLETE OFF MARKET ACQUISITION OF BLOOMFIELD HILLS, MI SENIOR COMMUNITY

Boston, MA (May 23, 2018)—Blue Moon Capital Partners LP (“Blue Moon”), a leading senior housing private equity investor, announced today that it has formed an acquisition joint venture with Cedarbrook Senior Living and acquired the Class A+ Cedarbrook of Bloomfield Hills.  Located in high barrier to entry Bloomfield Hills, MI, the 142-unit community contains independent living, assisted living, memory care and private pay nursing care under one roof.  Upon completion in December 2015, the community stabilized in 17 months evidencing the strong demand for high quality product in the market.  The community’s two and three- story brick and stone facade displays the desired architectural significance in the discerning Bloomfield Hills market. Argentum awarded Cedarbrook of Bloomfield Hills its Senior Living by Design award in 2016.  Located on the main north/south Woodward Road thoroughfare, Cedarbrook of Bloomfield Hills was developed by Cedarbrook Senior Living.  This investment marks the first by Blue Moon on behalf of its institutional separate account client seeking stabilized, core senior living assets in proven markets.  This acquisition marks the second joint venture of Blue Moon and Cedarbrook Senior Living, the first of which is the development of Cedarbrook of Northville located in Plymouth, MI.

 

Headquartered in Boston, Massachusetts, Blue Moon focuses exclusively on the senior housing sector.  Blue Moon’s team has a combined 60 years of experience in senior housing finance and operations.  In December 2014 Blue Moon secured a $175 million capital commitment from Scout Fund II through Hawkeye Partners, LP out of Austin, TX to form Blue Moon Senior Housing I LP (“BMSH I”), which was subsequently increased to $250 million.  Of this Bloomfield Hills investment, Blue Moon Co-founder and Managing Partner, Kathryn Sweeney, stated: “We are honored to have been chosen by Mike Damone and his partners as their strategic capital partner on Bloomfield Hills.  We have been impressed by Cedarbrook’s success in Bloomfield Hills and Northville, largely attributed to their commitment to the communities in which they operate and their knowledge of local consumer preferences.  This advantage has resulted in not only operating success at Bloomfield Hills but also at our Northville development. We look forward to growing our relationship with Mike and his capable team.”

Cedarbrook Senior Living has attracted a talented team of senior housing professionals in the Michigan market.  These team members have been attracted by the high-quality projects Cedarbrook builds, as well as the opportunity to cultivate their careers with Cedarbrook’s growing organization.  Michael J. Damone, President of Cedarbrook Senior Living stated: “We are grateful for the opportunity to work with the Blue Moon team.  Blue Moon brings capital and extensive senior housing experience, which will enable us to continue growing our senior living platform.”

Contact:

Susan Barlow
617.307.5961
sbarlow@bluemooncp.com

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