Senior living brand partners with AIG on communities
A real estate partnership will help a local senior living concept spread across the country.
New York-based AIG Global Real Estate announced this week a four-year partnership with the First & Main senior living community brand — which is led by Gary Granger, founder and CEO of the Wyoming-based real estate firm Granger Group — that calls on the Granger Group to deliver First & Main communities on a “turnkey basis.”
The companies are expected to co-invest in development opportunities throughout the U.S.
“We are excited about our new partnership with First & Main and the opportunity to align ourselves with a partner who shares our vision for excellence in both operations and asset quality,” said Derrick McSwain, managing director, AIG Global Real Estate. “First & Main will be a valued partner and a key component of our senior housing growth strategy for years to come.”
First & Main concept
Granger partnered with senior living operator Jeramy Ragsdale for the First & Main management platform.
The concept marries health care, hospitality and a “downtown” living atmosphere.
“The senior living industry is all about delivering an unparalleled experience that provides the highest level of quality in hospitality and health care services that exceeds expectations,” Granger said.
The initial project, First & Main of Metro Health Village, was opened in August in Wyoming, at 5812 Village Dr. SW.
The 101,000-square-foot project with 102 living units, including private assisted living and memory care units, cost about $22.5 million.
The facility includes a walkable village square, including an in-house chapel, theater, salon, bistro and patio, fitness center a courtyard with putting green and raised gardens.
Rooms operate on a month-to-month basis.
“People will feel the difference the moment they arrive,” First & Main of Metro Health Village Executive Director Julie Bouma told the Business Journal in June. “We were able to eliminate the institutional feel you find in so many senior living facilities, while offering expert care supported by powerful technology.
“It was built to be ‘Small Town, U.S.A.’”
First five projects
Five more First & Main projects are in the works, with financing expected to close by November.
Construction would be completed by the fourth quarter of 2016, with three projects in Michigan: Auburn Hills, Bloomfield Township and Commerce Township.
Two other projects would be finished at the same time near Columbus, Ohio, in New Albany and Orange Township.