ALPHARETTA, Ga., April 23, 2024 (GLOBE NEWSWIRE) -- Phorcys Capital Partners, LLC ("PCP"), the investment advisor to Phorcys Senior Housing Recovery Fund LP (“SHRF”), has announced its acquisition of a 160-unit assisted living facility in Wickliffe, Ohio, through a trustee-directed short sale for $13.0 million. The community will be rebranded as “Prosper at Wickliffe” and will be managed by Prosper Life Care.
Prosper at Wickliffe
“We are delighted to announce the acquisition of Prosper at Wickliffe and look forward to our shared goal with Prosper to bring affordable top-rate care for seniors in the surrounding community,” said Vasileios Sfyris, Managing Partner of PCP. “This is our second investment in SHRF, and we will continue to focus on the winding down of muni-financed bond transactions to add additional assets to our senior living portfolio.”
Prosper at Wickliffe is an assisted living facility, comprised of 160 studio and one-bedroom units. It is located in Wickliffe, Ohio, a community situated on the shoreline of Lake Erie.
Prosper Life Care aims to provide affordable care that not only improves the quality of life for its residents, but for the staff as well.
“Prosper at Wickliffe will continue the tradition of providing outstanding care to the residents of Wickliffe, OH and surrounding communities,” said Prosper Life Care President Russ Papia. “Our partnership with Phorcys Capital Partners allows us to carry out our company's mission of providing affordable housing and care through reasonable rental prices and Medicaid assistance programs.”
About Phorcys Capital Partners LLC
PCP is an alternative asset manager, with a focus on investing in distressed municipal bonds and acquiring the real assets secured by municipal bonds. PCP has historically focused on senior living, multifamily housing, student housing, and hospitality. Since inception, PCP has invested approximately $125 million in senior living and approximately $400 million across all sectors.
About Phorcys Senior Living Recovery Fund LP
SHRF is a closed-end vehicle that acquires distressed and/or overleveraged senior living assets, which include but are not limited to age-restricted apartments, assisted living, and CCRCs, which were originally financed by municipal bonds or bank loans. SHRF focuses on investing opportunistically in newer vintage assets that require limited capital expenditures. The Fund was launched in July 2023.
About Prosper Life Care
Prosper Life Care is a healthcare management company specializing in affordable assisted living and memory care. With a passion for providing exceptional care for its residents, Prosper Life Care is focused on improving the quality of life for its residents and care teams. With more than 30 years of experience in healthcare, Prosper Life Care (prosperlifecare.com) operates senior care homes in Massachusetts and Ohio.
Phorcys Capital Partners, LLC
Matt Doss
770-777-9373
mdoss@phorcyscp.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25a97dce-cdf1-49d1-8ed6-e22070c03557
