Launch of Scarp Ridge Capital Partners with $ 300 million fund
Scarp Ridge, a private real estate investment firm focused on distressed, opportunistic and value-added investments, was launched with a $ 300 million fund.
The company focuses primarily on hospitality and senior housing, including independent living, assisted living and memory care, but Rick Shamberg, co-founder and CEO of Scarp Ridge, said they don’t ‘had not ruled out qualified nursing care facilities.
“Scarp Ridge will seek to leverage our many years of investment and industrial relations experience to be the partner of choice for owners, lenders, sponsors and developers in acquiring, recapitalizing or restructuring agreements to preserve and improve the long-term value, ”Shamberg wrote. in an email at the end of last week announcing the effort.
Shamberg said in the email that the company expects there to be “opportunities to acquire distressed assets at discounted prices compared to replacement cost and to add value through to a combination of capital investment, rebranding and re-management and the creation of structured solutions or asset recapitalization, including the provision of lead capital to existing owners.
Shamberg, with a long experience in the life of the elderly, has held positions at Draper & Co .; Atwell Health Partners, Cerulean Partners, Chicago Pacific Founders, Grace Management, and Turnaround Solutions for Senior Housing, among others. Shamberg has also served as a senior advisor to the Illinois Secretary of Commerce and former Illinois Governor George Ryan.
Shamberg started Scarp Ridge with Greg Rush, co-founder and managing partner. The two previously worked together in the areas of senior living and behavioral health, according to the email.
Prior to that, Rush created Rush Capital Partners, which aimed to focus on value-added and opportunistic real estate investments and real estate related investments in the United States and Europe. Previously, he worked for Executive, Atwell Care Management, NorthStar Realty Finance Corp., Duane Real Estate Partners, Morgan Stanley, Merrill Lynch and Vornado Realty Trust.
The management team is complemented by Managing Director Kari Schmidt. Schmidt previously spent 23 years at Brookdale, as senior vice president of strategic operations, division president, divisional vice president of operations and regional vice president of operations.