May 03, 2019
Patoka Capital and VisCap Development Acquire Senior Care Facilities in Upstate New York
New Albany, IN – May 3, 2019 – Patoka Capital, a southern Indiana private investment firm, and VisCap Development, a Dayton, OH real estate development and asset management company, have partnered to acquire two senior care facilities – Peregrine Senior Living at Cheektowaga and The Athenaeum – located in New York state.
This marks the second co-investment between Patoka and VisCap, the first being a new memory care facility currently under construction in Gainesville, VA.
“We have built a working relationship with the VisCap team over the past year and we're actively seeking additional investments in the senior living space,” notes Patoka Managing Director Chance Ragains. “When the opportunity arose to purchase these existing properties we found it to be complementary to the new construction underway in Gainesville.”
About the Properties
Peregrine Senior Living at Cheektowaga was constructed in 2004 and is located in an eastern suburb of Buffalo, NY. Cheektowaga has 78 senior care and assisted living rooms and 22 memory care rooms for a total of 110 beds. The facility offers 24-hour care in its spacious floor plans with private bathrooms, ample community and living spaces, full-service dining areas with restaurant-style meal service, a chapel, and a beauty parlor. It is licensed for Enhanced and Special Needs for seniors who require additional care.
The Athenaeum is a boutique Victorian-style facility located southwest of Syracuse in a historic preservation district in Skaneateles, NY. Originally constructed in 1863 and converted to a healthcare facility in 2007, its 14 units each have a unique studio or one-bedroom floor plan. Amenities include full-service kitchens, restaurant-style dining, on-site beauty spa, ice cream and soda shop, and extensive grounds. The Athenaeum is also staffed with licensed care 24 hours per day.
Both properties will continue to be operated by Peregrine Senior Living, a New York-based management company with a long track record of providing quality senior care in the New York and Maryland areas.
About Patoka Capital
Patoka Capital is a closely-held private equity firm with a track record of partnering with management teams and successfully scaling businesses. Their sole mission is to build long-term value by acquiring and growing privately held businesses.
Patoka Capital is actively looking to partner with owners who are dedicated to ensuring the long-term success of their business. Patoka Capital invests a pool of its own committed equity capital and is not an institutional fund. They define success by the contributions they make to their customers, employees, stakeholders and the community. For more information visit www.patokacapital.com
About VisCap Development
As a real estate developer, VisCap’s core mission is to source appropriate risk-adjusted real estate investment opportunities, implement a program to efficiently deploy investment capital, and manage the assets to harvest investor returns. VisCap’s hallmark is an ability to be a mission-driven but flexible partner.
The talented VisCap team has transformed thousands of acres, created landmark communities, successfully deployed hundreds of millions of dollars and enhanced the lives of literally countless community members. To learn more about VisCap Development visit www.viscapdev.com