MedCore Partners finalized its five-property portfolio acquisition of assisted living/memory care assets in the Southwest, originally announced in February. Back then, MedCore together with its joint venture partner Trinity Private Equity Group (TNRG) acquired four newly built communities in Arizona (3) and Utah with 409 total units for approximately $98 million, or $239,600 per unit. Watermark Retirement Communities took over management of each of the properties, which were still in lease-up. SunTrust Bank provided the senior loan for the acquisition.
Now, MedCore, Trinity and TNRG Development closed on the fifth property in the portfolio, a just-opened senior living community with 22 independent living, 70 assisted living and 30 memory care units in North Ogden, Utah. UMB Bank provided debt to help fund the $30 million, or $245,900 per unit, purchase price. Watermark will also manage the property.
