Huntington Capital has provided $3.5 million in financing to Summit Estates. Based in South Reno, Nevada, Summit Estates is a senior living community.
RENO, NEVADA. (May 21, 2015) – Huntington Capital Fund III (“Huntington”), a San Diego based lower middle market mezzanine fund with offices in Nevada, announced today that it has completed an $3.5 million mezzanine loan and equity investment in Reno Assisted Living, LLC dba Summit Estates (“Summit Estates”).
Summit Estates is a new 116 bed senior living community, consisting of 92 assisted living and 24 memory care units, in South Reno, NV currently under development and expected to open its doors to residents in May 2016. The community will be a 94,911 sf two story building located on 6.25 acres, Huntington’s investment of $3.5 million will trigger a total of $15 million in investment capital being deployed into Summit Estates resulting in significant economic activity in the South Reno, NV economy. During the course of construction, there will be approximately 150 full-time equivalent jobs created. Upon its opening, Summit Estates is expected to create a total of 70 new jobs of which 52 will be full-time positions.
Huntington Capital Fund III is working with the Nevada Capital Investment Corporation and Hamilton Lane to create jobs through investing in high quality businesses and management teams located in Nevada. State Treasurer Dan Schwartz, Chair of the Nevada Capital Investment Corporation (NCIC) Board of Directors, commented, “the State Treasurer’s Office is pleased to be working with Huntington Capital and Hamilton Lane on this project. The facility not only brings needed jobs but a welcome residence for seniors to our State. This project marks one of our many future initiatives in Nevada.”
Summit Estates is a project of Mission Senior Living, LLC (“MSL”) a Dayton, NV headquartered company that specializes in assisted living and memory care senior communities. MSL hasdeveloped a reputation for providing attentive, resident based management care with a high degree of communication and trust with the families of the residents. MSL currently manages three assisted living and memory care communities in Northern Nevada that have created employment for hundreds of people.
“We are excited to bring much needed Assisted Living and Memory Care services to South Reno, NV and the surrounding area, this will allow residents of South Reno who have lived their entire lives here to continue to call Reno home without having to move somewhere else” said Darryl Fisher Co-founder and CEO of Mission Senior Living.
Morgan Miller, Managing Partner, and Hope Mago, Sr. Associate, led the transaction for Huntington. Morgan Miller commented “We would like to thank the State Treasurer and his team in conjunction with Hamilton Lane for their support as we work together to create jobs and stimulate economic growth in Nevada. Miller added, “We are impressed with the professionalism and quality of the team at MSL which is the type of company we strive to work with in Nevada and other states”.
Hamilton Lane is responsible for ensuring that the investments of the Silver State Opportunities Fund as part of the Nevada Capital Investment Corporation (NCIC) are in accordance with 3636 Nobel Drive, Suite 401, San Diego, California 92122
Phone (858) 259-7654 Fax (858) 259-0074
Senate Bill 75. SB 75 created the NCIC, a nonprofit corporation overseen by a seven member Board, including appointees by the Governor and the Legislature.
For more information about the NCIC, go to NevadaTreasurer.gov, and then in the top navigation bar click the Finance tab which will take you to the NCIC link in the dropdown menu.
About Mission Senior Living
Mission Senior Living was founded in 2012 to develop assisted living and memory care senior communities primarily located in secondary underserved markets across the Western U.S.
About Huntington Capital
Based in San Diego, CA, Huntington Capital is a leading mezzanine capital provider to underserved, lower middle market companies throughout California and the Western United States. Founded in 2000, Huntington is currently making new investments out of its third fund, Huntington Capital Fund III, L.P. Huntington seeks to invest in established lower middle market businesses generating between $10 million and $75 million in revenues across a broad range of industries; investments are typically structured in the form of growth capital, buyout or acquisition financing ranging between $2.0 million and $9.0 million. The firm has invested in approximately 50 companies since its founding. Partners Morgan Miller, Tim Bubnack and Frank Mora lead Huntington’s management team. For more information, please visit the company website at www.huntingtoncapital.com.
About Hamilton Lane
Hamilton Lane is an independent alternative investment management firm providing innovative private markets solutions to sophisticated investors around the world. The firm has been dedicated to private markets investing for more than two decades and currently has more than 225 employees operating in offices throughout the U.S., Europe, Asia, Latin America and the Middle East. With over $220 billion in total assets under management and supervision1, Hamilton Lane offers a full range of investment products and services that enable clients to participate in the private markets asset class on a global and customized basis. For more information, please visit www.hamiltonlane.com.
About the Nevada State Treasurer’s Office
The Nevada State Treasurer’s Office (STO) is headed by one of Nevada’s elected Constitutional Officers, Dan Schwartz. The STO takes responsibility for a wide range of duties including the State’s investments, college savings and scholarship programs, issuing debt, and distributing unclaimed property. This project was funded through the STO’s $50 million private equity program, NCIC, managed by Hamilton Lane.