BOSTON, MA (August 24, 2016) — Blue Moon Capital Partners LLC (“Blue Moon”), MGL Partners and a subsidiary of Leisure Care announced today their formation of a joint venture for the development of a 169-unit independent living, assisted living and memory care community in the Denver Tech Center neighborhood of Denver, CO to be delivered in 2018. This marks the first joint venture between Blue Moon, MGL and Leisure Care.
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. In April 2016 Hawkeye increased its commitment to BMSH I to $200 million. Of this Denver, CO investment, Blue Moon Co-founder and Managing Partner, Kathryn Sweeney, stated: “We are pleased to form this joint venture with MGL and Leisure Care, who have already enjoyed a productive relationship in metro Denver. We were impressed by MGL’s ability to access and deliver a complicated site in Denver Tech, and we are excited to work with Leisure Care, whose team we have admired for many years. We are excited to be a part of bringing this unique senior living solution to fruition to Denver seniors and their families.”
MGL Partners is a Denver-based senior housing/multifamily development company. The principals’ 60+ years of combined experience has earned the expertise needed to generate attractive financial returns while managing the risks inherent in the development and redevelopment processes. MGL has entitled, developed and acquired over $472 million (completed and current) of multifamily rental, senior housing and affordable housing throughout Colorado and other select markets. Because MGL is committed to building lasting value, their principals are actively involved in every aspect of the development and investment process. Mike Gerber, MGL Principal, stated: “We are thrilled to be partnering with Blue Moon Capital and Leisure Care on this unique opportunity. The partnership brings together a development and operations team married to an ideal capital partner with significant industry experience and a financing model specifically focused on the senior housing sector.”
Leisure Care, headquartered in Seattle, WA, was founded in 1976 and is one of the most established, fully integrated senior housing companies in the nation. Today Leisure Care operates 39 communities and employees over 2,500 employees across the United States. With a focus on hospitality and innovation, Leisure Care is one of the largest privately-held providers of seniors housing services in the country, with approximately 6,000 units under management serving over 7,000 senior residents. The company’s tenured leadership team provides an unmatched vision that combines a historical view of the industry with a progressive, innovative drive towards the future. Judy Marczewski, CFO of Leisure Care stated: “Leisure Care is pleased to partner once again with MGL Partners and for the first time with Blue Moon Capital Partners. Together we look forward to creating an environment for seniors in Denver Tech Center that brings our unique service offering to this vibrant neighborhood.”