Leading Social Impact Investment Firm Commits $17.6M to Groundbreaking Repositioning
PHOENIX, ARIZONA – Cushman & Wakefield announced that the firm’s Healthcare Capital Markets team has sourced an equity placement from social impact investment firm Turner Impact Capital for a joint venture of Waltz Construction and New Freedom. Turner Impact Capital’s Turner Healthcare Facilities Fund will be the new real estate owner for New Freedom’s $17.6 million behavioral health campus at 2532 W. Peoria Ave. in Phoenix.
Cushman & Wakefield Managing Directors Gino Lollio, Scott Niedergang and Travis Ives worked with the New Freedom and Waltz Construction joint venture to source a real estate investor to own the real estate and lease it to New Freedom long-term. The Turner Healthcare Facilities Fund is an innovative social impact fund dedicated to developing high-quality medical facilities for proven healthcare providers in communities with underserved patient populations. In partnership with Waltz Construction, New Freedom has launched a state-of-the-art behavioral health campus model of treatment programs in collaboration with Gold Canyon Heart & Home (GCHH), an Arizona-based 501(c)(3) nonprofit organization with a 17-year track record of hands-on recovery and reentry programming.
The inaugural property is in the heart of Central Phoenix where a 248-room, 142,978-square-foot hotel-resort was converted into a behavioral health campus. Turner Impact Capital is also serving as construction manager for the conversion, which will create an unparalleled treatment environment with the intent to create a client experience of self-worth that all humans deserve.
“Turner Impact Capital, a pioneer in social impact investing, stepped in as the real estate investor on this unique repositioning and behavioral health campus,” said Lollio. “It aligns perfectly with Turner Impact’s mission of driving scalable, durable change in our communities and bolsters New Freedom’s capabilities, programs and ability to grow a unique and vital service.”
The Turner Healthcare Facilities Fund is positioned to invest up to $400 million to develop 75 community healthcare facilities serving over 150,000 residents in underserved communities. By improving the quality and convenience of care, facilities developed by the Fund can measurably improve health outcomes and reduce the troubling health disparities within underserved communities.