PREI Closes Fourth Senior Housing Fund

Posted by Orb Staff on April 12, 2012 No Comments
Categories : Commercial Mortgage

11306_sale PREI Closes Fourth Senior Housing Fund Parsippany, N.J.-based Prudential Real Estate Investors (PREI) has completed the final close for its fourth senior housing fund, Senior Housing Partners IV, bringing the total amount to $568 million of discretionary capital secured from institutional investors.

The closed-end fund will target investments in senior housing, including independent living, assisted living and memory care properties as well as communities that offer a combination of those services. It will focus on direct and joint venture acquisitions of existing properties, forward commitments on newly constructed properties, mezzanine loans, and development. This is the largest senior housing fund ever for the firm.

‘There is a growing need for senior housing, and the demand for high-quality properties that offer a variety of services and accommodations is on the rise,’ says Noah Levy, managing director at PREI and portfolio manager of the fund. ‘We expect this demand will continue to increase and we look forward to providing an attractive return for our investors over the long term.’

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