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Kong Capital Partners with MedCore to Acquire Senior Housing Portfolio for USD 52m
Wednesday 15 July 2020

Texas, US-based real estate private equity firm Kong Capital LLC has partnered with MedCore Partners to acquire a 7-property senior housing portfolio, located in Washington State and Southern California, for USD 52m, the company said.

The group raised equity from Locust Point Capital who acts as the sole limited partner for the acquisition. The lender for the transaction is Bank of Montreal (BMO).

The 593-bed portfolio consists of Independent Living, Assisted Living, and Memory Care and is operated by Senior Services of America.

In January 2020, Kong Capital and MedCore Partners put the off-market portfolio under contract for a USD70MM purchase price. After receiving fourth quarter 2019 financial statements and seeing a further decline in NOI, the purchase price was renegotiated with Ventas to USD 52m.
Date Published: 15/07/2020