Evans Senior Investment and Carnegie Capital launch senior housing joint venture – Business Daily News
Scott P. Arroyo
2 min read
After years of working together in an informal partnership, ESI and Carnegie Capital officially announced Monday that they have formed a strategic joint venture to bring their respective brokerage practices together under a transparent platform for homeowners to elderly and skilled nursing.
The move comes after hundreds of millions of dollars in funding, said JD Stettin, managing partner of Carnegie Capital.
“We felt that we could bring the most value to our customers by joining forces in this business to collaborate more fully and leverage our combined data, expertise and relationships,” he told McKnight’s Daily business.
The companies said the pandemic certainly played a big role in the decision to pursue this joint venture.
“Lending has never been so difficult in the history of senior housing, and we believe the time has come for our industry to think outside the box of traditional lenders, and we have these relationships,†Jeremy said. Stroiman, CEO of ESI.
Stettin noted that today’s retirement home and skilled nursing markets lack a wide range of lenders to meet borrower needs, and amid the pandemic, many “usual†loan suspects have moved away. of the market.
“This was Carnegie’s biggest year yet, hosting over 30 facility grants,” Stettin said. “This dislocation made it clear that the time has come to make Carnegie’s relationships with more than 3,000 lenders available to a wider audience. This should be a boom time for senior housing, and we want to help homeowners and operators make it happen and transact with a full range of financial tools and capital providers.
Stroiman and Stettin added that companies are most excited to add value to the industry for years to come.
“We agree on this point,†Stettin said. “Our expertise and shared relationships will bring the required liquidity and efficiency to owners and operators and facilitate the flow of business, growth and stability of our market segment today and into the future.”
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