We advised The Related Companies and its joint venture partner Atria Real Property Investors on the financing

Davis Polk advised The Related Companies, L.P. and its joint venture partner Atria Real Property Investors, LLC (the “Joint Venture”) in connection with a mezzanine loan from Welltower Inc. to finance the acquisition, development, redevelopment, operation and management of a luxury senior assisted living, memory care and enhanced care project in the Cathedral Hill neighborhood of San Francisco, California. The project will be developed with 214 units of age-restricted housing for seniors (181 assisted living units and 33 life guidance units), approximately 5,500 square feet of ground-floor retail and 47 parking spaces. The Joint Venture expects to achieve project stabilization by December 2024.

Related is one of the nation’s most innovative and prolific real estate development firms. Headquartered in New York City, Related’s existing operating portfolio of real estate assets is valued at more than $60 billion.

Atria Real Property Investors is an affiliate of Atria Senior Living, Inc., a privately held management company operating monthly rental apartments for seniors across more than 225 communities in 27 states and seven Canadian provinces. Headquartered in Louisville, Kentucky, Atria Senior Living, Inc. operates over 27,000 units for over 23,000 residents.

Welltower is an S&P 500 company and real estate investment trust. Headquartered in Toledo, Ohio, Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient
medical properties.

The Davis Polk real estate team included partner Brian S. Lichter, counsel Susan D. Kennedy and associates Rachel M. Feldstein and Rachel Schlosser. The tax team included partner Po Sit and counsel Leslie J. Altus. Counsel Charles Shi provided employee benefits and ERISA advice. All members of the Davis Polk team are based in the New York office.

Welltower was advised by Gibson, Dunn & Crutcher LLP.

Cox, Castle and Nicholson LLP advised the Joint Venture on certain acquisition-related and California law matters.

Seyfarth Shaw LLP advised the Joint Venture on certain management-related matters.

Fried, Frank, Harris, Shriver & Jacobson LLP separately advised Atria Real Property Investors on certain matters.

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