AIG Global Real Estate & First & Main Announce a Four-Year Joint Venture to Develop, Own & Operate Senior Living Communities ...
October 12 2015 - 4:16PM
Business Wire
AIG Global Real Estate (“AIG”) announced today that it has
entered into a joint venture with First & Main™ to integrate
the ownership, development and operational components for a new
brand of independent living, assisted living and memory care
communities across the Midwest and greater US market. The Joint
Venture is contracting with Granger Group of Companies, LLC
(“Granger”) to deliver the projects on a turnkey basis. AIG and
First & Main expect to co-invest on new acquisition and
development opportunities throughout the U.S. over the next four
years.
The first five projects anticipate closing on financing to occur
by November 2015 and commence construction with estimated
completion in the fourth quarter of 2016. Three projects are
located in surrounding suburbs of Metro Detroit: Auburn Hills,
Bloomfield Township, and Commerce Township. The remaining two
projects are located outside the Greater Columbus market in New
Albany and Orange Township.
The First & Main™ Sponsor entity is led by Gary Granger,
founder and CEO of Granger Group. In January 2015, Gary partnered
with Jeramy Ragsdale, a well-known senior living operator, for the
management of the First & Main™ platform in an effort to build
an integrated brand that will set the stage for the future of
senior living.
Regarding the acquisition, Derrick McSwain, Managing Director at
AIG Global Real Estate Investment Corp., said, “We are excited
about our new partnership with First & Main and the opportunity
to align ourselves with a partner who shares our vision for
excellence in both operations and asset quality. First & Main
will be a valued partner and a key component of our senior housing
growth strategy for years to come.”
Gary Granger said, “We are delighted to join together with AIG
in a long-term partnership that extends beyond the traditional real
estate venture. The senior living industry is all about delivering
an unparalleled experience that provides the highest level of
quality in hospitality and healthcare services that will exceed
expectations. “
About AIG Global Real Estate:
AIG Global Real Estate Investment Corp., founded in 1987,
comprises a group of international companies within AIG that
invests in and actively manages real estate for clients and AIG
member companies throughout the world.
About First & Main™:
First & Main™ is focused on becoming the place where senior
living residents remain connected to each other, close to their
families, and integrated in active, developed communities. The goal
is to have seniors find the care they need to stay well and live
active, vibrant, and healthy lives – all in an upscale, modern
atmosphere that feels like home.
About Granger Group:
Since 1997, Granger Group has invested in groundbreaking
healthcare platforms in an effort to stay ahead of the
ever-changing healthcare trends. The company has designed,
financed, and developed patient-centered environments for
hospitals, surgery centers, and senior living, including the
world’s first 100% LEED-certified health village.
About American International Group,
Inc.:
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20151012006093/en/
AIG Global Real Estate:Derrick McSwain, 404-965-5959Derrick.McSwain@aig.comorGranger Group,Tricia
Harney, +01.616.248.3566tharney@grangergroup.us
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