Invesque Inc. (formerly Mainstreet Health Investments) followed up on the completion of its acquisition of Care Investment Trust earlier this month by closing on three memory care communities in the Dallas, Texas area for $21.5 million, or about $188,600 per unit. All three communities total 114 units and are fully stabilized, with all private pay residents. Invesque added the properties to a new absolute net master lease agreement with Constant Care Management Company, featuring an initial 15-year term and two five-year extension options.
The relationship doesn’t stop there, with Invesque also receiving a first right to fund and acquire the next three seniors housing projects developed and operated by Constant Care. To fund the equity portion of the purchase, Invesque entered into subscription agreements with certain funds managed by Magnetar Financial LLC to issue $54 million in class A convertible preferred Invesque shares, the remainder of which will be used to repay debt, for general working capital purposes and to fund future acquisitions.
