HCN Buys First-Ever Crowd-Funded Seniors Housing Facility for $18.1M

by Jeff Shaw

BLOOMINGTON, Ind. — Health Care REIT Inc. (NYSE: HCN) has purchased Stonecroft Health Campus, a skilled nursing facility in Bloomington and the first-ever seniors housing community built using a crowd-funding platform, for $18.1 million.

The purchase was part of an existing agreement to buy 17 facilities from Mainstreet, a skilled nursing developer based in Carmel, Ind.

Mainstreet partially funded the new development in partnership with CrowdStreet, an online platform for commercial real estate developers and operators to acquire outside investors for their projects.

In 2014, Mainstreet raised over $1.6 million of the development costs using the platform, and generated a 14 percent return on investment for those investors with this sale. The project attracted dozens of investors from across the country who each contributed between $10,000 to more than $250,000.

Stonecroft Health Campus is a 66,197-square-foot skilled nursing and assisted living community. Construction of the facility finished in July.

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