Bridge Partners Acquires Second Senior Healthcare Asset in 2015
January 5th, 2016
Freehold, New Jersey
In Q4 2015, Bridge Partners completed the purchase of The Brookside, a 160 unit assisted living and memory care facility located in Freehold, New Jersey. The Brookside is BP’s second licensed senior healthcare acquisition in 2015 and fifth overall acquisition by BP’s equity fund which closed in July.
The Brookside sits within Monmouth County and the central New Jersey “Wealth Belt” where several counties rank in the top 10% highest income per capita and the top 25% most populous counties in the U.S. The county has an above average and growing aging population with the 75+ cohort projected to grow 22% by 2020.
The Bridge investment plan is to drive net income by adjusting the mix of assisted living and memory care units, increasing occupancy to stabilize the asset and reducing targeted expenses to improve the operating margin. Bridge has partnered with a strong regional operator and investment partners with expertise and depth in the industry to realize these changes.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. Bridge Partners has completed over 200 transactions across 23 states and over 50 domestic markets. Its existing portfolio features 5,500 units across 15 states. In its 25 year history, Bridge Partners has zero credit defaults in all of its lending channels including: Fannie Mae, Freddie Mac, HUD, CMBS, along with various balance sheet and unsecured capital products. Bridge Partners is actively seeking additional investments that fit within its business plans, as indicated by the acquisition criteria shown to the left.