NORTHVILLE, Mich. — Seniors housing private equity investor Blue Moon Capital Partners LLC has formed a $52.5 million development joint venture with The Damone Group LLC for the construction of a 180-unit independent living, assisted living and memory care community in Northville, about 25 miles west of Detroit.
According to Boston-based Blue Moon, this marks the first of a series of investments the company will make from its $175 million Blue Moon Senior Housing I LP (BMSH) fund.
BMSH invests in development of new seniors housing communities with leading developers and operators. In addition, the fund provides capital to operators who will reposition existing communities that are in need of renovations.
The Damone Group is a seniors housing developer based in Troy, Mich. Its partner operations company is Cedarbrook Senior Living.