New Perspective Closes on More Than $200 Million in Capital, Establishes a Programmatic Relationship for Growth
May 8, 2024
MINNETONKA, MN — New Perspective has secured more than $200 million in bridge loan, preferred equity, and common equity with its partners, BMO, Fengate, and Boldt, to facilitate the acquisition and financing of six senior living communities with over 800 units. The deal is a significant first step in the broader programmatic relationship with these partners to pursue $500 million in future acquisitions and developments.
New Perspective has been working toward a goal of serving 10,000 older adults while America’s need for senior care grows as the aging population increases. The company believes this new capital, combined with its solid strategic partners, is the perfect combination to bring its award-winning care to more cities across the country.
“This is the fuel we needed to light the rocket,” said New Perspective co-CEO Ryan Novaczyk in a press release. “When my father began our family-owned company in 1998, he set out to transform senior care by helping older adults live life on purpose. Over the last two decades, we’ve turned that idea into a best-in-class model for senior care and one that is poised for continued growth.”
“New Perspective and Boldt have a long-standing partnership, and together, we’ve already completed 20 acquisitions as Purpose First Partners,” said New Perspective co-CEO Chris Hyatt. “Bringing Fengate into the mix further strengthens our capabilities to execute on our growth plans.”
New Perspective is an acquiror, developer, owner, and operator of senior living communities with 40 communities in eight states. Founded in 1998 on the belief that all seniors deserve to live life on purpose, New Perspective is a family-owned company based in this Minneapolis suburb that employs over 2,500 team members and serves over 4,300 seniors.
Boldt is a national provider of construction, development, acquisition, and asset management services, focused on healthcare & senior living and a range of industries spanning the education, industrial, power & energy, and science & technology markets. Boldt and New Perspective, through their venture, Purpose First Partners, have partnered on the development and acquisition of 20 communities. Founded in 1889, Boldt is a fourth-generation family- and employee-owned company with a home base in Appleton, Wisconsin, and offices throughout the country.
Fengate is a leading alternative investment manager focused on infrastructure, private equity, and real estate strategies, with US $6 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate has a project portfolio of more than 45 assets, valued at over US $14 billion.