Calamar forms JV with Mount Kellet
Calamar, a full service real estate organization with divisions in construction, development, property management and investment and financing announced today that effective as of April 7, 2014 it entered into a joint venture with funds managed by Mount Kellett Capital Management LP (“Mount Kellett”) a private investment adviser managing investments world-wide, including real estate.
The new joint venture will incorporate four independent living senior housing properties from affiliates of Calamar with an aggregate value of $50M. Two of the properties are in Upstate New York and two are in the Midwest. All four properties were developed by Calamar in the last five years and have occupancy rates in excess of 95%. Calamar will continue to operate and manage the facilities. Simultaneously, the new joint venture will set out to develop similar projects throughout the Northeast and Midwest of the United States.
Kenneth M. Franasiak, President and Chief Executive Officer of Calamar, said, “We are looking forward to a long and mutually beneficial relationship and anticipate future opportunities together. Mount Kellet brings a depth of global investing and real estate sector expertise to this new venture which will be a great catalyst for the development of high-quality, affordable communities for seniors across North America.”
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