WINTER PARK, Fla., May 14, 2019 /PRNewswire/ -- Triloma Seniors Housing, an affiliate of Triloma Financial Group (Triloma) focused on investing in healthcare and seniors housing real estate, has acquired The Fountains at Granite City and The Fountains at Godfrey, two seniors housing communities with a combined 135 assisted living units. Granite City and Godfrey, both in Illinois, are submarkets of the St. Louis metropolitan area.
Cedarhurst Living, LLC (Cedarhurst), based in St. Louis, Missouri, partnered with Triloma on the acquisition and will manage the communities. Cedarhurst currently operates 22 communities in Illinois, Missouri, Kansas and Oklahoma, with 10 of those communities in and around St. Louis. Triloma Seniors Housing partnered with Cedarhurst based on its strong brand recognition and successful track record in the region.
Senior financing for the acquisition was provided by Regions Bank through its Healthcare Real Estate Group.
The Fountains at Granite City, which was built in 2000 and expanded in 2006, has 72 assisted living units. The Fountains at Godfrey was built in 2006 and has 63 assisted living units. The communities have been rebranded to Cedarhurst of Granite City and Cedarhurst of Godfrey. Triloma and Cedarhurst expect to spend approximately $1.8 million to renovate the communities, including updates and improvements to the common areas.
"We believe there are compelling long-term demographic trends that support investing the seniors housing sector," said James Hendrix, chief investment officer of Triloma Seniors Housing. "And having a well-known regional operating partner like Cedarhurst is a key opportunity to add value to the Granite City and Godfrey communities," added Hendrix.
Triloma Financial Group manages and sponsors, co-sponsors or sub-advises private investment programs generally focused on real estate investments. Triloma Financial Group strives to provide thorough research, individual access and impeccable service for its customers. Triloma Seniors Housing, LLC, is a wholly-owned subsidiary of Triloma Financial Group. For additional information, please visit triloma.com.
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SOURCE Triloma Financial Group