Chicago, IL, July 20, 2016 – Thrive Senior Living exercised their purchase option with Heavenrich’s construction fund and simultaneously sold their interest at certificate of occupancy on a new 70-unit assisted living and memory care facility to LTC Properties (NYSE:LTC). Thrive at Athens was acquired for $14.3 million and was developed by a joint venture between Atlanta-based Thrive, Summit Healthcare REIT and Heavenrich & Company’s construction fund. Thrive will be leasing the facility from LTC.

According to Adam Heavenrich, “Thrive brought us this opportunity, which was in their backyard. It was a great match for our fund, which helps good operators strengthen their balance sheets in a low-risk structure.”

Located in Athens, Georgia, approximately 50 miles west of Atlanta, Thrive at Athens is a showpiece location for Thrive. The new facility features 50 assisted living and 20 memory care units, all of which are private pay. Thrive at Athens received its certificate of occupancy in May 2016.

Heavenrich & Company serves as exclusive advisors to a $100 million construction fund dedicated to senior housing. Heavenrich works with a variety of capital sources for senior housing operators including private equity groups, hedge funds, family offices and pension funds. Heavenrich’s fund provided both construction debt and equity.

Since 1994, Heavenrich & Company has served as financial advisors to independent living, assisted living, memory care and skilled nursing organizations. Based in Chicago, with offices in Denver, Heavenrich advises public and privately held for-profit and non-profit senior living organizations in mergers, acquisitions and finance. The SeniorCare Investor ranked Heavenrich & Company one of the top ten senior housing brokers in the U.S. in 2015.