Senior housing developer Calamar Enterprises has agreed to sell two of its recently developed senior apartment communities to a new joint venture it formed with a national health care real estate firm in a deal valued at $23.3 million.
The Wheatfield-based real estate developer said Thursday that it had formed the joint venture with Care Investment Trust, a publicly traded real estate investment and finance company. The new entity will be 75 percent owned by Care, through its affiliates, and 25 percent by Calamar.
Calamar contributed the two Niagara County properties, Forestview and Woodlands Senior Village, to the joint venture in exchange for its 25 percent stake, while Care paid cash for its 75 percent portion. The joint venture, through subsidiaries, assumed two loans with a total principal balance of about $18.3 million from Liberty Bank.
“Care is very pleased to partner with Calamar, who has established itself as providing high quality, affordable, communities to seniors,” said Salvatore V. Riso, Jr., Care’s president and CEO. “We look forward to a rewarding and long-term relationship with Calamar.”
The two real estate developments are among several commercial projects that Calamar has developed and owns locally and in other states. Forestview, which is 3 years old, has about 107,000 square feet of space on five acres. The 5-year-old Woodlands has 98,819 square feet on 6.94 acres. In all, the two developments have three buildings with 202 units, including 110 at Woodlands and 92 at Forestview.
As part of the transaction, Calamar signed a 10-year agreement with Care to manage the properties, both of which were developed by Calamar within the last five years and were more than 95 percent occupied, on average, as of December.
“We are looking forward to a long and mutually beneficial relationship and anticipate future opportunities together,” said Calamar President and CEO Kenneth M. Franasiak.
Calamar is a real estate company engaged in construction, development, property management, investment and financing for commercial and large-scale residential properties in the Northeast and Midwest, with a focus on senior housing.
Care, based in New York City, invests in assisted-living, independent-living, memory care, skilled nursing and other health care and senior-related real estate assets nationwide. The company noted the transaction establishes a strategic relationship with Calamar, while giving Care an investment in two stabilized properties that are “well-positioned for high occupancy and consistent financial performance within their communities.”