Fundamental Advisors LP’s joint venture with Foundry Commercial, which launched in the summer of 2020, has yielded a couple more acquisitions, with partners Scribner Capital and Foster Senior Living participating in the deals yet again. First, the venture acquired an 84-unit assisted living/memory care community in Jacksonville Beach, Florida for an undisclosed price. Bradley Clousing, Jeff Binder and Matthew Alley of Senior Living Investment Brokerage represented the seller in the deal.
Built in 2014, the well-maintained community has mostly private rooms, with six semi-private units. The seller had reached the end of their investment horizon with the asset and chose to divest. Foundry Commercial’s seniors housing management platform, FSL Senior Living Ventures, which was formed in partnership with Foster Senior Living, will operate the community going forward. Scribner Capital partnered with Fundamental Advisors to provide JV equity to support the purchase, while Brittany Foster of Coastal States Bank provided an acquisition loan.
This is the second deal for the joint venture, which earlier this year acquired a 120-unit seniors housing community in Kansas. Fundamental Advisors and Scribner Capital also provided joint venture equity for the acquisition, and Ziegler represented the seller.
In a separate deal, Scribner Capital and Fundamental Advisors also provided a construction mezzanine loan for a ground-up, 136-unit senior living community in Arizona. More details on this deal will be featured in the April issue of The SeniorCare Investor.