Scarp Ridge, a private real estate investment firm focused on distressed, opportunistic and value-add investing, has launched with a $300 million fund.
The firm is focused primarily on hospitality and senior housing, including independent living, assisted living and memory care, but Rick Shamberg, Scarp Ridge co-founder and managing director, said they have not ruled out skilled nursing facilities.
“Scarp Ridge will look to leverage our many years of investing experience and industry relationships to be the partner of choice to owners, lenders, sponsors, and developers by acquiring, recapitalizing or restructuring deals to preserve and enhance long-term value,” Shamberg wrote in an email late last week announcing the endeavor.
Shamberg said in the email that the firm expects there to be, “opportunities to acquire distressed assets at discounts to replacement cost and add value through a combination of capital investment, rebranding, and new management and creating structured solutions or recapitalizing assets including providing runway capital to existing owners.”
Shamberg, with a long time background in senior living, has held positions with Draper & Co.; Atwell Health Partners, Cerulean Partners, Chicago Pacific Founders, Grace Management and Turnaround Solutions for Senior Housing, among others. Shamberg was also a senior advisor to the Illinois Secretary of Commerce and former Illinois Gov. George Ryan.
Shamberg started Scarp Ridge with Greg Rush, co-founder and managing partner. The two previously worked together in the senior living and behavioral health sectors, according to the email.
Prior to this, Rush established Rush Capital Partners, which aimed to focus on value-add and opportunistic real estate and real estate related investments throughout the United States and Europe. Previously, he worked for Cadre, Atwell Care Management, NorthStar Realty Finance Corp., Duane Real Estate Partners, Morgan Stanley, Merrill Lynch and Vornado Realty Trust.
Rounding out the leadership team is Managing Director Kari Schmidt. Schmidt previously spent 23 years with Brookdale, serving as its senior vice president of strategic operations, division president, divisional vice president of operations and regional vice president of operations.
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