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May 2003 press release
Formation Capital - Longwing Real Estate Ventures, LLC
Formation Capital, in partnership with Longwing Real Estate Ventures, LLC, announces the establishment of an equity investment program for the acquisition of senior housing and care properties. The joint venture, capitalized by institutional and principal investors, funded it first investment together on April 30, 2003; a $27 million acquisition of properties from Genesis Health Venture, Inc., a publicly traded company.
Longwing Real Estate Ventures provides strategic equity and management in a variety of real estate classes. Longwing’s Chief Executive Officer is Mr. Vincent Pica, a 25-year veteran of the financial services industry who most recently served as the Group President of Capital Finance at Prudential Securities, and Longwing's President is Richard Schoninger, a +20-year veteran of the financial services industry who ran Real Estate Investment Banking, among other significant roles, at Prudential Securities.
Formation Capital and its principals have a long history of investment in the Senior Housing and Care Industry and will act as managing member of the operating venture. The strategy is to acquire senior housing and care properties and partner with quality operators.
The partnership, being a private investment venture, will allow for a unique and flexible approach to structured finance and real estate investment in the Seniors Housing and Care Industry.
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