Calamar Enterprises and Mount Kellett Capital Management LP have created a joint venture for the purpose of developing a series of senior housing complexes over the next several years. Calamar’s “independent light” model offers varying levels of services to residents, including meal, transportation, and entertainment options. The team plans to develop more than 500 units across the United States each year.
Calamar, a real estate developer operating out of Wheatfield, New York (near Buffalo), has been involved in developing senior housing for the past 25 years. The firm’s portfolio currently includes more than 1,000 senior housing units in New York State and Nebraska and will expand into Missouri when The Springs at Independence, a 110-unit “independent light” living community, opens later this year.
Mount Kellett Capital Management LP is one of the country’s largest hedge fund operators; the New York City-based firm currently manages approximately $7 billion worth of development projects and other initiatives in the United States and abroad. Calamar brought four of its existing “independent light” senior housing complexes, with an aggregate value of $50 million, into the joint venture and will bring in three projects currently under development, as well.
