Fundraising - MAY 25, 2017

Shelter Group raises $156m for senior living fund

by Jody Barhanovich

The Shelter Group has raised $155.8 million for Brightview Senior Living VII, according to a filing with the SEC.

Brightview Senior Living VII is seeking to raise $205 million in total equity commitments, according to the filing. The Shelter Group actively seeks sites along the U.S. East Coast to develop market-rate senior living properties. They generally look for sites in suburban markets that are near amenities and have good visibility.

Brightview Senior Living is a senior-focused part of The Shelter Group, a privately held company that has been in business for more than 30 years. Based in Baltimore, Brightview opened its first senior living community in Maryland in 1999. Today, Brightview offers 35 communities in eight states: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island and Virginia. The communities include independent living, assisted living, personal care and dementia care options.

Projects that are currently under construction include Brightview West End in Rockville, Md., scheduled to open in third quarter 2017, and Brightview Lake Tappan in Orangeburg, N.Y., scheduled to open in third quarter 2018.

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