Foundry Commercial Acquires Spring Arbor Senior Living Portfolio of 24 Assisted Living and Memory Care Communities in Mid-Atlantic
Posted on June 1, 2022
Orlando, Fla. (June 1, 2022) –Foundry Commercial, a full-service real estate services and investment firm, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities throughout the mid-Atlantic. As part of the transaction, Foundry Commercial purchased the current operator, who will continue managing the properties post-closing.
The transaction nearly doubles Foundry’s portfolio of seniors housing properties throughout the country. “When evaluating potential investment opportunities, it’s important we find organizations with a similar culture fit, as relationships and building something different are what drives us,” said Paul Ellis, CEO of Foundry Commercial. “It was clear from the start that the Spring Arbor Senior Living team shares our passion for treating others the way we want to be treated, and takes great pride in what they do, providing exemplary care to the residents in each of the Spring Arbor communities. We’re thrilled to welcome these communities and the talented teams operating them to the Foundry family.”
With locations throughout Maryland, North Carolina, and Virginia, Spring Arbor Senior Living is known as a premier operator of assisted living and memory care communities, employing more than 1,500 caring professionals. The portfolio contains 1,424 units with capacity for over 1,800 residents. The Spring Arbor platform – led by current President Greg Fox – will continue operations under the Spring Arbor Senior Living brand.
“It is no secret that the past few years have been challenging, to say the least, within our industry,” stated Fox, a nearly 30-year veteran in the industry, who has been with the organization for over 8 years. “It’s an amazing feeling to know that our platform is becoming a part of a company that cares so deeply for people – whether that be team members, residents, or family members – and we’re all very excited about what the future holds for Spring Arbor.”
With the addition of Spring Arbor’s communities, Foundry’s senior living reach now encompasses more than 50 assets throughout the United States. Foundry’s healthcare platform offers a combination of in-depth sector knowledge, long-standing relationships with premier owners of seniors housing real estate, as well as a 400+ employee organization providing services to some of the most well-known names in real estate.
“In spite of the COVID pandemic’s impact on senior living, there is an ever-increasing need for quality senior care providers, and Foundry is proud to continue to grow our footprint in this industry,” said Kevin Maddron, Foundry’s President of Healthcare Services. “When we first met with leadership of Spring Arbor, we immediately recognized their long-standing commitment and tradition in caring for seniors. We are honored to continue this tradition and support the many talented associates who make Spring Arbor a recognized industry leader. We are committed to the investment of additional capital in certain locations to further enhance the resident experience. While it has been nearly 30 years since Spring Arbor opened its first senior living community, this acquisition firmly establishes Spring Arbor as a growing and vibrant company committed to exceptional care for years to come. We are very grateful to have Spring Arbor as part of our organization.”
Transaction financing was arranged by Capital Funding. “It was a pleasure to finance the Spring Arbor Portfolio acquisition. Capital Funding is committed to growing our Senior Housing lending platform, and this transaction further solidifies our commitment to the sector. We believe the borrower acquired an excellent product and company with a sound business plan to enhance and stabilize the portfolio. We look forward to working on future transactions together,” said Ken Assiran, Managing Director, Capital Funding, Senior Housing Lending.
Foundry Commercial Senior Vice President Trey Riddle represented the buyer in the transaction.
To learn more about Spring Arbor Senior Living, visit www.springarborliving.com. More information about this acquisition or Foundry Commercial’s senior living portfolio can be obtained by contacting Kevin Maddron at Kevin.Maddron@foundrycommercial.com.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 400 employees and more than 60 million square feet of management and leasing across the Sun Belt. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $2.5 billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.
About Spring Arbor
Senior Living With a focus to serve you and your family, Spring Arbor operates 24 senior living communities. The daily interaction with our residents is the number one reason families in Virginia, North Carolina and Maryland choose Spring Arbor. For more information, visit www.springarborliving.com.