Greendale, WI – SHA Capital Partners announces the acquisition of Clifden Court, a 3-building, 92-unit assisted living campus in Greendale and Franklin, Wisconsin. SHA Capital Partners, through an affiliate, partnered with 41 Management and TH Associates to complete the transaction on November 1, buying a local consortium’s only senior housing property.
“We see a strong opportunity to bring operating efficiencies to a property that is well located and has solid occupancy and rent levels,” said David Watkins, partner of SHA Capital Partners (www.shacp.com). Tom Ostrom, president of 41 Management, agreed: “Bringing this property into the 41 Management portfolio of 19 communities in Wisconsin will benefit residents and their family members while improving operations.” Tim Hedges of TH Associates expressed enthusiasm about the opportunity to improve the physical plant, saying, “We are eager to roll up our sleeves and upgrade the main living areas. We also see an opportunity to create additional common space by enclosing part of two patios.”
National Exchange Bank and Trust of Fond du Lac, Wisconsin, provided debt financing, with the Waukesha branch originating the loan.
SHA Capital raised equity capital from friends, family and senior housing executives. “We are honored to have the trust of smart and successful senior housing industry veterans. We are excited about our team’s ability to create value in this and future opportunities,” Watkins said
About 41 Management
Chicago-based 41 Management, which operates most of its communities under the Matthews Senior Living brand (www.matthewsseniorliving.com), will have an ownership interest in the partnership and will manage the community, focusing on creating a safe and supportive environment.
About SHA Capital Partners
SHA Capital Partners, a senior housing investment firm based in Chicago, will have an ownership interest in the partnership and will act as managing member and asset manager. Its principals have more than 30 years of experience in the senior housing industry and have been involved in the acquisition of more than $400 million of senior housing communities and the development of projects valued at more than $1 billion.
About TH Associates
TH Associates is a Chicago-based developer/construction oversight firm that has participated in the development and construction of over $1 billion of senior housing.
About Clifden Court Assisted Living
Clifden Court is a 92-unit community-based retirement facility (CBRF license) in Greendale and Franklin, WI. The campus’s three buildings were built in 1998, 1999, and 2010. Clifden Court is dedicated to creating a caring, kind, and safe environment that provides a high level of support.