Fundamental Advisors and Senior Care Development Form Joint Venture to Acquire Skilled Nursing Assets

NEW YORK, Oct. 1, 2018 /PRNewswire/ -- Fundamental Advisors LP ("Fundamental"), a leading alternative asset manager focused on public purpose assets, today announced the formation of a joint venture with Senior Care Development, LLC ("SCD"), a specialized developer of the full continuum of senior living communities, with the intention of acquiring up to $1 billion in skilled nursing assets.

Combining Fundamental's flexible capital and vast investment experience and SCD's extensive expertise in the senior care and skilled nursing space, this venture will formally build on the existing partnership between the two companies. Having collaborated on multiple complex transactions across the full spectrum of seniors housing and care over the past ten years, including the recent acquisition and foreclosure of Tandem Health Care's mezzanine loan obligations of 41 skilled nursing facilities located in three states, the venture will focus primarily on acquiring portfolios of real estate assets leased to best-in-class skilled nursing operators in high-barrier-to-entry markets.

With the ability to move quickly and deploy a flexible capital base, the venture provides Fundamental and SCD with the option of making investments throughout the entire capital stack, including purchasing performing or non-performing debt and direct ownership interests in real assets.

"As an active investor in critical community assets with a growing presence in the skilled nursing sector, we are pleased to further expand our relationship with a partner as experienced as SCD," said Laurence Gottlieb, Chairman and CEO of Fundamental. "With the current dislocation in the skilled nursing space, enduring and committed capital is needed to stabilize nursing homes that would otherwise struggle without it. We look forward to continuing to work closely with the SCD team to build on our shared success in the skilled nursing arena by providing the resources these facilities need in order to supply comprehensive critical and resident care in their communities."

"At SCD, we are dedicated to taking a long-term approach to providing unmatched support and value to the senior care and skilled nursing facilities we invest in," said David Reis, CEO of Senior Care Development. "We are pleased to announce this joint venture with the team at Fundamental, who shares these values and whose aim is to improve the facilities and communities we work with both operationally and financially."

About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose assets, or acquiring undervalued securities in the secondary market. Fundamental invests through a range of vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.Fundamental.com.

About Senior Care Development
For over 30 years SCD has specialized in developing and investing in the full continuum of senior housing with specific expertise and focus on high barrier to entry Life Plan communities and skilled nursing facilities. For more information, please visit www.SeniorCareDevelopment.com.

Investor Contacts

Fundamental
Jonathan Stern[email protected]
212-205-5006

SCD
David Reis[email protected]
203-222-6262

Media Contacts
Jon Keehner / Julie Oakes / Kate Clark / Jill KaryJoele Frank, Wilkinson Brimmer Katcher212-355-4449

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SOURCE Fundamental Advisors LP