Boldt Real Estate and Partners Close on More Than $200 Million in Major Senior Living Investment

Boldt and partners close on more than $200 million in major senior living investment

MILWAUKEE, Wis., May 8, 2024 – Boldt Real Estate, a leading real estate development and investment firm, is thrilled to announce the closure of a landmark deal exceeding $200 million in capital to facilitate the acquisition and financing of six senior living communities in partnership with New Perspective and Fengate.

This strategic funding, comprised of a bridge loan, preferred equity and common equity, marks the commencement of a programmatic relationship aimed at channeling $500 million towards the future acquisition and development of senior living communities across the United States. 

The partnership between Boldt Real Estate, New Perspective and Fengate creates an unmatched level of expertise in the acquisition, construction, development, property management and asset management of senior living communities.

Jake Garro, President of Boldt Real Estate, said, “We are excited to partner with New Perspective and Fengate on this transformative initiative. This joint venture not only signifies a substantial financial investment but also underscores our collective commitment to enhancing the lives of seniors and the communities they live in.”

Boldt Real Estate and New Perspective share a well-established partnership, having successfully completed 20 acquisitions under the banner of Purpose First Partners. Renowned for delivering top-tier independent living, assisted living and memory care services in the Midwest, New Perspective will manage the newly acquired communities.

About Boldt Real Estate

Boldt Real Estate provides an array of real estate development and investment services to healthcare and senior living clients across the country. Boldt’s convenient, flexible financial offerings and integrated delivery model provides clients with the low-cost option in the market without sacrificing program or quality. Boldt’s team has completed more than $3 billion in healthcare projects, and over $500 million in senior living communities. Services include acquisitions, facility expansions, planning, design and construction, leasing and physician alignment, and market analysis. For more information: boldthealthcarerealestate.com

About New Perspective

New Perspective is a leading acquiror, developer, owner and operator of senior living communities. Its current portfolio consists of 40 communities in 8 states. Founded in 1998, on the belief that all seniors deserve to live life on purpose, New Perspective is a family-owned company based in Minnetonka, Minnesota that employs over 2,500 team members and serves over 4,300 seniors.

About Fengate

Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with US $6 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America’s most active infrastructure investors and developers with a project portfolio of more than 45 assets, valued at over US $14 billion.

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Chris White

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