NEW YORK CITY—AIG Global Real Estate said Monday afternoon thatit had entered into a joint venture with First & Main tointegrate the ownership, development and operational components fora new brand of independent living, assisted living and memory carecommunities. The initial projects call for builds across across theMidwest with eventual expansion to the greater US market.

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The JV is contracting with the Wyoming, MI-based Granger Groupof Cos. projects on a turnkey basis. AIG and First & Mainexpect to co-invest on new acquisition and developmentopportunities throughout the US over the next four years.

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First up are five projects for which the closing on financing isexpected to occur by next month. Construction is expected to becomplete in the fourth quarter of 2016.

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Three projects are located in surrounding suburbs of Detroit:Auburn Hills, Bloomfield Township and Commerce Township, MI. Theremaining two projects are located outside the Greater Columbusmarket in New Albany and Orange Township. Granger opened a First& Main community at its 180acre Metro Health Villagedevelopment in Wyoming, MI this past August.

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Gary Granger, founder and CEO of Granger Group, is leading theFirst & Main Sponsor entity. In January of this year, Grangerpartnered with senior living operator Jeramy Ragsdale for themanagement of the First & Main platform in an effort to buildan integrated brand. “First & Main will be a valued partner anda key component of our senior housing growth strategy for years tocome,” says Derrick McSwain, managing director at AIG Global RealEstate Investment Corp.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.