BOSTON, MA (September 14, 2015) — Blue Moon Capital Partners LLC (“Blue Moon”), a leading senior housing private equity investor, announced today that it has closed on a $52.5 million development joint venture with affiliates of The Damone Group, LLC for the ground up development of a 180-unit independent living, assisted living and memory care campus in Northville, Michigan. This marks the first of a series of opportunistic investments Blue Moon will make from their $175 million fund, Blue Moon Senior Housing I LP (“BMSH I”).
BMSH I invests in development of new, purpose built, innovative senior housing communities in joint venture with leading senior housing developers and operators. In addition, BMSH I provides capital to operators who will reposition existing, well-located senior living communities that are in need of either refresh capital or more intensive renovation. BMSH I investments will be in NIC MAP top 50 markets and will seek to serve unmet demand in each primary market area.
Headquartered in Boston, Massachusetts, Blue Moon focuses exclusively on the senior housing sector. Blue Moon’s team has a combined 40 years of experience in senior housing finance and operations. In December 2014 Blue Moon secured a $175 million capital commitment from Scout Fund II through Hawkeye Partners, LP out of Austin, TX to form BMSH I. Of this Northville investment, Blue Moon Co- founder and Managing Partner, Kathryn Sweeney, stated: “We are pleased to form this joint venture with principals of The Damone Group, LLC and their affiliates, whom we have known for more than 25 years. Michael J. Damone has been a prolific builder and investor in senior housing properties for more than 20 years. We have been impressed with his most recent senior living development in Bloomfield Hills and look forward to growing our relationship with Mike and his team.”
The Damone Group, LLC, (“Damone”) headquartered in Troy, Michigan, consists of affiliated entities with expertise in senior housing construction, development and operations. Damone’s management company is branded as Cedarbrook Senior Living and has attracted a talented team of senior housing professionals in the Michigan market. These team members have been attracted by the high quality projects Damone builds, as well as the opportunity to cultivate their careers with Damone’s growing organization. Michael J. Damone, President of The Damone Group, LLC stated: “We are grateful for the opportunity to work with the Blue Moon team. Blue Moon brings capital and extensive senior housing experience, which will enable us to continue growing our senior living platform.”