Source: AIG Global Real Estate / #Senior #Housing
NEW YORK, NY - AIG Global Real Estate announced that it has entered into a joint venture with First & Main to integrate the ownership, development and operational components for a new brand of independent living, assisted living and memory care communities across the Midwest and greater US market. The Joint Venture is contracting with Granger Group of Companies, LLC to deliver the projects on a turnkey basis. AIG and First & Main expect to co-invest on new acquisition and development opportunities throughout the U.S. over the next four years.
The first five projects anticipate closing on financing to occur by November 2015 and commence construction with estimated completion in the fourth quarter of 2016. Three projects are located in surrounding suburbs of Metro Detroit: Auburn Hills, Bloomfield Township, and Commerce Township. The remaining two projects are located outside the Greater Columbus market in New Albany and Orange Township.
The First & Main Sponsor entity is led by Gary Granger, founder and CEO of Granger Group. In January 2015, Gary partnered with Jeramy Ragsdale, a well-known senior living operator, for the management of the First & Main™ platform in an effort to build an integrated brand that will set the stage for the future of senior living.
Regarding the acquisition, Derrick McSwain, Managing Director at AIG Global Real Estate Investment Corp., said, “We are excited about our new partnership with First & Main and the opportunity to align ourselves with a partner who shares our vision for excellence in both operations and asset quality. First & Main will be a valued partner and a key component of our senior housing growth strategy for years to come.”
Gary Granger said, “We are delighted to join together with AIG in a long-term partnership that extends beyond the traditional real estate venture. The senior living industry is all about delivering an unparalleled experience that provides the highest level of quality in hospitality and healthcare services that will exceed expectations."