CalPERS Makes First Senior Housing Investment; System Purchases Seven Assisted Living Facilities Across the U.S.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--July 10, 2001 The California Public Employees' Retirement System (CalPERS) has completed its first major investment in the senior housing industry - a portfolio of seven assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities, including one in California. The portfolio of properties, valued at approximately $115.5 million, will be owned and operated through a joint venture between CalPERS, the pension fund's senior housing investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Capital Management, based in Boston, Massachusetts, and Sunrise Assisted Living, Inc. (NYSE NYSE See: New York Stock Exchange :SRZ SRZ Schulte Roth & Zabel LLP (New York, NY law firm) ) of McLean, Virginia, one of the nation's largest providers of assisted living facilities for seniors. "These are welcomed additions to our investment portfolio," said Daniel M. Szente, CalPERS Chief Investment Officer. "They will be important investments in the future given the rapid growth rate of today's senior population and will assist retirees in the later stages of their lives." The seven Sunrise Assisted Living facilities are located in Carlsbad, California; Naperville, Illinois; Stanford, Connecticut; Richmond, Virginia; North Lynbrook, New York North Lynbrook is a census-designated place (CDP) in Nassau County, New York, United States. The population was 742 at the 2000 census. It is a hamlet in the Town of Hempstead located between the Villages of Lynbrook and Malverne. The ZIP code is Lynbrook's 11563. ; and in East Brunswick/Woodcliff Lake, New Jersey. Fannie Mae (FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association ) provided an $81 million first mortgage loan to CalPERS joint venture secured by the seven properties. The remainder of the investment was financed by CalPERS, AEW Capital Management, and Sunrise Assisted Living, Inc. CalPERS investment was approximately $29 million. Last year, CalPERS Board of Administration authorized a $200 million national senior housing program that will invest in independent living, assisted living, and continuing care retirement community facilities. CalPERS has more than $11.5 billion invested in real estate. Approximately $9 billion is invested in core real estate, including apartment, office, industrial and retail properties, while the remaining $2.6 billion is invested in housing, timber, and urban in-fill projects. CalPERS is the nation's largest public pension fund with assets totaling more than $158 billion. The System provides retirement and health benefits to more than 1.2 million State and local public employees and their families. For further information on CalPERS, please visit the System's Web site at www.calpers.ca.gov. |
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