Senior living operator New Perspective will use more than $200 million in bridge loans, preferred equity and common equity from BMO, Fengate and Boldt to buy and finance six senior living communities with more than 800 total units.
“The deal is a significant first step in the broader programmatic relationship with these partners to pursue $500 million in future acquisitions and developments, the Minnetonka, MN-based New Perspective said in a press release Monday.
New Perspective co-CEO Chris Hyatt said that the company has a long-standing partnership with Boldt. Working together, he said, the companies have completed 20 acquisitions as Purpose First Partners.
“Bringing Fengate into the mix further strengthens our capabilities to execute on our growth plans.”
“This is the fuel we needed to light the rocket,” New Perspective co-CEO Ryan Novaczyk added. “When my father began our family-owned company in 1998, he set out to transform senior care by helping older adults Live Life on Purpose. Over the last two decades, we’ve turned that idea into a best-in-class model for senior care and one that is poised for continued growth.”
Hyatt on Tuesday encouraged senior living leaders during a panel discussion at the Argentum Senior Living Executive Conference to “reach across the aisle” and work collaboratively within the industry. In the interest of improving the resident experience, he said, one of New Perspective’s major goals for the year was to revisit, reimagine and refine the employee experience.
New Perspective’s current portfolio consists of 40 communities in eight states, including a property expected to open this summer.
“We are looking forward to the opening of our first location in the St. Louis area,” Novaczyk said.
