For Immediate Release
Leading Social Impact Investment Firm Commits $17.6M to Groundbreaking Repositioning
CHICAGO, May 4, 2021 – Cushman & Wakefield announced today that the firm’s Healthcare Capital Markets team has sourced an equity placement from social impact investment firm Turner Impact Capital for a joint venture of Waltz Construction and New Freedom. Turner Impact Capital’s Turner Healthcare Facilities Fund will be the new real estate owner for New Freedom’s $17.6 million behavioral health campus at 2532 W. Peoria Ave. in Phoenix.
Cushman & Wakefield Managing Directors Gino Lollio, Scott Niedergang and Travis Ives worked with the New Freedom and Waltz Construction joint venture to source a real estate investor to own the real estate and lease it to New Freedom long-term. The Turner Healthcare Facilities Fund is an innovative social impact fund dedicated to developing high-quality medical facilities for proven healthcare providers in communities with underserved patient populations. In partnership with Waltz Construction, New Freedom has launched a state-of-the-art behavioral health campus model of treatment programs in collaboration with Gold Canyon Heart & Home (GCHH), an Arizona-based 501(c)(3) nonprofit organization with a 17-year track record of hands-on recovery and reentry programming.
The inaugural property is in the heart of Central Phoenix where a 248-room, 142,978-square-foot hotel-resort was converted into a behavioral health campus. Turner Impact Capital is also serving as construction manager for the conversion, which will create an unparalleled treatment environment with the intent to create a client experience of self-worth that all humans deserve.
“Turner Impact Capital, a pioneer in social impact investing, stepped in as the real estate investor on this unique repositioning and behavioral health campus,” said Lollio. “It aligns perfectly with Turner Impact’s mission of driving scalable, durable change in our communities and bolsters New Freedom’s capabilities, programs and ability to grow a unique and vital service.”
The Turner Healthcare Facilities Fund is positioned to invest up to $400 million to develop 75 community healthcare facilities serving over 150,000 residents in underserved communities. By improving the quality and convenience of care, facilities developed by the Fund can measurably improve health outcomes and reduce the troubling health disparities within underserved communities.
About Turner Impact Capital
Turner Impact Capital is the nation’s largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today’s most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e. workforce housing, public schools and community-serving healthcare facilities) and a lack of institutional capital. The Turner Impact team totals 250 people – 90 percent women, people of color, or both – from a wide range of disciplines including asset management, building and construction, education, healthcare, neighborhood safety, public policy, environmental sustainability and more. Turner Impact Capital seeks profits with a purpose. Learn more at www.turnerimpact.com or @turnerimpact on Twitter.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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