The shares that will hit the market are currently owned by several investor groups, notably the San Francisco-based Farallon Capital Management, the Michigan-based Franklin Advisors, the Arlington, VA-based Friedman Billings Ramsey, and by Hunter Global investors.
Provident Senior Living is a REIT, based here, that owns senior living residential properties that it leases back to Brookdale Living Communities, a Chicago-based company that operates properties throughout the country, and to the Milwaukee-based Alterra Healthcare Corp. The trust was launched less than a year ago when it bought 21 properties from Brookdale and Alterra.
The trust was co-founded and is headed by Darryl W. Copeland, Jr., who most recently was a top executive at an affiliate of Fortress Investment Group. Earlier, he was the CFO of Brookdale Living. Provident's basic strategy, according to Copeland, is to build a portfolio through sale-leaseback transactions. The lease-back term is usually in the 10- to 15-year range.
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