Calamar forms JV with Mount Kellet
Calamar, a full service real estate organization with divisions in construction, development, property management and investment and financing announced today that effective as of April 7, 2014 it entered into a joint venture with funds managed by Mount Kellett Capital Management LP ("Mount Kellett") a private investment adviser managing investments world-wide, including real estate.
The new joint venture will incorporate four independent living senior housing properties from affiliates of Calamar with an aggregate value of $50M. Two of the properties are in Upstate New York and two are in the Midwest. All four properties were developed by Calamar in the last five years and have occupancy rates in excess of 95%. Calamar will continue to operate and manage the facilities. Simultaneously, the new joint venture will set out to develop similar projects throughout the Northeast and Midwest of the United States.
Kenneth M. Franasiak, President and Chief Executive Officer of Calamar, said, "We are looking forward to a long and mutually beneficial relationship and anticipate future opportunities together. Mount Kellet brings a depth of global investing and real estate sector expertise to this new venture which will be a great catalyst for the development of high-quality, affordable communities for seniors across North America.".
-- Establish a strategic relationship with Calamar, an organization which has been highly successful in owning and operating senior housing communities and other real estate assets.
-- Acquire four stabilized senior housing apartments in Western & Central New York and two in Omaha, Nebraska, through a joint venture with Calamar containing an aggregate of over 400 units that are well-positioned with high occupancy and consistent financial performance within their communities. Calamar's expertise in expanding senior housing has helped it to grow their portfolio across North America.
--This strategic union will position the joint venture as one of the largest developers, owners and operators of Independent living "lite" in North America.
About Mount Kellett Capital Management LP
Mount Kellett is a multi-strategy investment firm focused on global special situations and opportunistic investing. The firm has approximately 130 employees with offices in New York, Dallas, Hong Kong, London, Mumbai, Ireland and Mauritius. It currently manages over $7 billion.