BOSTON – Benchmark Senior Living, a leading provider of senior living services in the Northeast, recently announced that it is creating an $890 million partnership with Health Care REIT Inc., an S&P 500 company that invests across the full spectrum of senior housing and health care real estate.
The partnership will include Benchmark senior housing communities in six New England states, including three properties in Rhode Island – Blenheim-Newport in Middletown, Capitol Ridge in Providence and Greenwich Farms in Warwick, which offer independent living, assisted living and memory care services. Benchmark Senior Living will become the largest operator in Health Care REIT’s portfolio.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Under the terms of the agreement, Health Care REIT will own a 95 percent interest and Benchmark Senior Living will own the remaining 5 percent interest. Benchmark will continue to manage these communities as part of the partnership, so there will be no change in the day-to-day operations.
“This is a wonderful development for Benchmark, and for our residents and communities throughout New England,” said Thomas H. Grape, Benchmark’s chairman and CEO. “Health Care REIT is one of the nation’s premier investors in the field and their goals for excellence in the senior living marketplace are perfectly aligned with ours. It’s all one could hope for in a business partnership.”
According to Grape, the new partnership will enable Benchmark to pursue geographic expansion beyond the six New England states.
