MINNETONKA, Minn., April 29,
2024 /PRNewswire/ -- New Perspective, a rapidly
growing senior living company, has secured more than $200 million in bridge loan, preferred equity and
common equity with its partners BMO, Fengate and Boldt to
facilitate the acquisition and financing of six senior living
communities with over 800 units. The deal is a significant first
step in the broader programmatic relationship with these partners
to pursue $500 million in future
acquisitions and developments.
New Perspective has been working toward a goal of serving 10,000
older adults while America's need for senior care grows as the
aging population increases. The company believes this new capital,
combined with its solid strategic partners, is the perfect
combination to bring the award-winning care it is known for to more
cities across the country.
"This is the fuel we needed to light the rocket," said New
Perspective co-CEO Ryan Novaczyk.
"When my father began our family-owned company in 1998, he set out
to transform senior care by helping older adults Live Life on
Purpose. Over the last two decades, we've turned that idea into a
best-in-class model for senior care and one that is poised for
continued growth."
The partnership between New Perspective, Boldt and Fengate
creates an unmatched level of expertise in the acquisition,
construction, development, property management and asset management
of senior living communities.
"New Perspective and Boldt have a long-standing partnership, and
together, we've already completed 20 acquisitions as Purpose First
Partners," said New Perspective co-CEO Chris Hyatt. "Bringing Fengate into the mix
further strengthens our capabilities to execute on our growth
plans."
About New Perspective, Boldt and Purpose First
Partners
New Perspective is a leading acquiror,
developer, owner and operator of senior living communities. Its
current portfolio consists of 40 communities in 8 states. Founded
in 1998, on the belief that all seniors deserve to live life on
purpose, New Perspective is a family-owned company based in
Minnetonka, Minnesota that employs
over 2,500 team members and serves over 4,300 seniors.
Boldt is a leading national provider of construction,
development, acquisition and asset management services, focused on
healthcare & senior living and a range of industries spanning
the education, industrial, power & energy, and science &
technology markets. Founded in 1889, Boldt is a fourth-generation
family and employee-owned company with a home base in Appleton, Wisconsin and offices throughout the
country.
Boldt and New Perspective, through their venture, Purpose
First Partners ("PFP"), have partnered on the development and
acquisition of 20 communities.
About Fengate
Fengate is a leading
alternative investment manager focused on infrastructure, private
equity and real estate strategies, with US $6 billion of capital commitments under
management. The firm has been investing in infrastructure since
2006 with a focus on mid-market greenfield and brownfield
infrastructure assets in the transportation, social, energy
transition and digital sectors. Fengate is one of North America's most active infrastructure
investors and developers with a project portfolio of more than 45
assets, valued at over US $14
billion.
About BMO Commercial Real Estate
Real
estate firms like yours need a banking partner with extensive
products and services, a strong capital base, and the ability to
fund their needs through economic cycles. BMO's dedicated team of
real estate experts is your trusted adviser, helping developers,
REITs, private equity funds and institutionally sponsored firms
achieve their goals. To learn more about how BMO can help, visit:
commercial.bmo.com/realestate.
Media Contact: Kevin Hurd
612-351-8442
mediainquiries@media-minefield.com
NPSeniorLiving.com
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SOURCE New Perspective