StepStone Real Estate and Blue Moon Capital Partners have launched a $250m (€213m) continuation vehicle to operate five, senior housing communities in the US.
StepStone provided “the vast majority of the equity” for the transaction through its secondaries fund, according to sources.
The $250m vehicle will be used to refinance existing senior housing properties across Atlanta, Denver, Chicago and New Hampshire that Blue Moon had previously developed or acquired
The transaction was driven by Blue Moon’s original fund reaching the end of its lifecycle with some investors needing liquidity, sources added.
StepStone and Blue Moon stated that they intend to use the vehicle as a platform to acquire additional high quality senior housing communities.
John Waters, StepStone Real Estate partner and head of investments, said: “We have been focused on building our senior housing exposure with strong owner/operators like Blue Moon across the US and Europe. We’re excited to partner with Blue Moon on owning, improving, and growing their senior housing portfolio.”
Susan Barlow, Blue Moon’s managing partner and chief operating officer, said: “StepStone Real Estate is the ideal partner for Blue Moon because they are deeply experienced senior housing investors and are aligned with Blue Moon on key initiatives such as incorporating technology into our operations and driving a culture of workforce advancement.
“Together we will continue to invest in high quality communities to maintain each asset’s position as a market leader and to provide care solutions for our aging population.”
Blue Moon’s managing partner and CIO Kathryn Sweeney added that she was “delighted to continue to own this fully stabilised portfolio of high-quality senior housing assets with StepStone Real Estate and our long-standing operating partners”.
To read the latest IPE Real Assets magazine click here.
