Fundamental Advisors LP has just announced the formation of a strategic partnership with Scribner Capital, LLC to deploy stable capital to the seniors housing and care sector, especially given the unstable times we are in right now. Fundamental is a leading alternative asset manager that has invested in a variety of assets, including seniors housing, most recently exiting its highly successful investment in the CCRC known as The Clare in downtown Chicago.
Scribner Capital was recently formed by James Scribner to provide capital to owners, operators and developers of seniors housing and care assets. Scribner has focused on providing capital solutions in this sector for more than 15 years, most recently as Managing Director at Hunt Real Estate Capital. Prior to that he was at Red Capital Group and Herbert J. Sims & Co.
The partnership between Fundamental and Scribner will be focused mostly on the private pay seniors housing business, and they can invest throughout the capital stack and will focus on joint venture equity deals as well as preferred equity and mezzanine debt. They can help lenders with liquidity issues, can provide rescue capital for distressed properties or developments, or simply buy distressed loans. We have a feeling they are going to be busy very soon.
