Investcorp Backs Senior Developments in Yonkers and Pennsylvania

Sunrise of Yonkers, located on 3.03 acres at 65 Crisfield St., is a planned 79-unit senior living community. Construction on that project began in October 2003. The property will consist of 57,874 sf and will have a capacity for 98 residents. Units are scheduled to be delivered beginning next February. The property will feature studio, one-bedroom and two-bedroom units. Personal care will be available through a licensed home care services agency, including Alzheimer/dementia care and companion care, Sunrise officials note.

The Investcorp-Sunrise joint venture also includes Sunrise of Upper St. Clair, located at 45 McMurry Road in Upper St. Clair, PA. The community is located 10 miles southwest of downtown Pittsburgh. Construction on the 53,346-sf community began in the first quarter of this year and is expected to be completed by June 2005.

This site will feature studio, one-bedroom, and two-bedroom units. The community will be comprised of 53 assisted-living beds and 35 Alzheimer/dementia beds. Investcorp officials say that both the Sunrise of Upper St. Clair and Sunrise of Yonkers communities will feature a functional Victorian design incorporating a turret tower with a variety of amenities.

"Both of these communities are located in supply constrained markets with strong demand and excellent demographics," states F. Jonathan Dracos, an Investcorp Managing Director. The Sunrise partnership is Investcorp's fifth real estate investment this year and brings the firm's total 2004 real estate investments to more than $300 million.

Sunrise Senior Living operates more than 390 senior living communities that are either open or under construction in the US, UK, Canada and Germany with a combined resident capacity of more than 42,000. Sunrise operates 13 communities in New York State, including Sunrise at Fleetwood in Mount Vernon and Sunrise of New City, which is located in Rockland County. In Connecticut, Sunrise operates six senior living communities, including three in Stamford and the remainder in New Haven, West Hartford and Wilton.