Newmark arranged the recapitalization of Keystone Place at Terra Bella, a 140-unit seniors housing community in Land O’ Lakes, Florida (Tampa Bay area) between a partnership including Keystone Senior Living, Scarp Ridge Capital Partners, and global alternative investment firm Angelo Gordon. Opened in 2018 by Keystone Senior Living, the property features 62 independent living, 56 assisted living and 22 memory care units. The Class-A community located in a strong and growing market is benefiting from strong rental rates, and occupancy has improved significantly over the past year. Operating margins improved as well, a testament to the operator Keystone Senior Management Services, Inc. and the team in place at Keystone Place at Terra Bella.
Scarp Ridge Capital Partners was founded in 2021 by Greg Rush and Rick Shamberg to focus on investing in operating intensive real estate asset classes including senior housing and hospitality and have over 50 years of combined institutional real estate investing and capital markets experience.
Keystone refinanced the property’s debt in 2021 at a very favorable leverage, rate and structure, so the Scarp Ridge partnership was able to assume the in-place debt. Keystone maintained an ownership interest and looks forward to finding opportunities to grow its relationship with Scarp Ridge.
