Northwind Group, Harrison Street Real Estate Capital and the Engel Burman Group Acquire Senior Housing Community in New York City

305 West End Avenue” a 16-Story Art Deco facility focused on
senior care will receive significant upgrades in food, amenities,
services and activities

NEW YORK–(BUSINESS WIRE)–An investor group comprised of Northwind Group, Harrison Street Real
Estate Capital LLC, and The Engel Burman Group (the “Investor Group”),
today announced that it has acquired a 305 West End Avenue, a 16-story
Art Deco style senior housing building located in Manhattan’s Upper West
Side.

The Investor Group, which collectively has extensive experience in
providing quality residential services to seniors throughout the New
York metropolitan area, plans to make significant investments in
upgrading the facility and improving the overall quality of life for the
building’s senior residents. The planned upgrades will focus on
enhancing food services, as well as creating new amenities such as a new
cinema, renovated art studio, card and game room, performing arts
center, dining room, computer center and beauty salon.

Demand for assisted living and memory care has grown significantly
nationwide. In New York city alone, the population of adults over age 60
is expected to reach 1.5 million by 2030, a nearly 50% increase from
2014. Following its transformation, 305 West End Avenue will be a
licensed Class A senior housing facility, consisting of 180 assisted
living units and 40 memory care units, which will more than double the
number of licensed assisted living units in Manhattan.

The Investor Group stated: “This investment reflects our commitment to
ensuring senior residents in the New York Metropolitan area receive
high-quality senior housing care. This state-of-the-art senior housing
facility at 305 West End Avenue will be a beacon for retired New Yorkers
who wish to enjoy this dynamic city while seeking a safe, warm and
nurturing environment. We look forward to deepening our ties to our
residents, our neighbors and the surrounding community and are committed
to ensuring the transition from the previous ownership is seamless.”

305 West End Avenue was initially constructed in 1923 and is located in
Manhattan’s Upper West Side, which is recognized by AARP as among the
most livable places in the country for people who are 50-plus. The
property will retain many elements of its classic, pre-war architecture
and its location provides for easy access to lifestyle and cultural
amenities such as Central Park (two blocks east), Riverside Park (one
block west), and Lincoln Center. The property also offers direct access
to nearby world-class dining options as well as superior access to
numerous mass transit options, the West Side Highway and George
Washington Bridge.

Terms of the sale were not disclosed.

About Northwind Group

Northwind Group is a Manhattan based owner/operator of residential &
commercial properties. Northwind’s focus is predominantly on existing
income-producing properties where it recognizes opportunities to create
value by implementing targeted capital improvement programs. Its current
Manhattan portfolio includes 40 Exchange Place, 66 Pearl Street, 225
Bowery Street, 40 Wooster Street, 78 Grand Street, 45 Beekman Street,
351-355 West 54th Street, 25 Prince Street and 2279 Third Avenue. For
more information, please visit www.northwind-group.com.

About Harrison Street Real Estate Capital

Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of
the leading real estate investment management firms that offers
innovative investment products across both private and public real
estate segments. The firm has created a series of differentiated
investment products across multiple risk/return platforms. Our 90+
person team is headquartered in Chicago, Illinois. Currently the firm
and its affiliates manage approximately $11.5 billion in assets on
behalf of some of the world’s largest institutional investors. For more
information, please visit www.harrisonst.com.

About The Engel Burman Group

The Engel Burman Group is an award-winning real estate development firm
based in the tristate area. The principals each bring decades of
industry experience to the table, covering a broad and diverse range of
expertise which successfully drives The Engel Burman Group, and has for
over 50 years. The Engel Burman Group develops, owns and manages quality
properties across a variety of business sectors, and with each passing
year, continues to actively expand its formidable portfolio of senior
living, residential, retail, and commercial properties. For more
information, visit engelburman.com.

Contacts

For Northwind:
Rubenstein Associates
Howard
Cannon, 212-843-8010
hcannon@rubenstein.com
or
For
Harrison Street:

Gasthalter & Co.
Jonathan
Gasthalter/Nathaniel Garnick
212-257-4170
or
For
Engel Burman:

Rubenstein Associates
Howard Cannon,
212-843-8010
hcannon@rubenstein.com