Mainstreet affiliate completes $95M offering

Mainstreet Health Investments, controlled by Carmel-based real estate developer Mainstreet Property Group, has completed the sale of 9.5 million common shares and will use the $95 million in proceeds to acquire 13 senior housing and care properties in Indiana, Pennsylvania, New York and Kansas.

The company said June 2 that any remaining net proceeds will be used to repay financing on the company’s existing properties and other purposes.

Mainstreet Health Investments was created through a $302 million reverse takeover of Kingsway Arms Retirement Residences, which owned 10 senior housing and care properties around Chicago.

The deal put Mainstreet CEO Zeke Turner and his management team in charge of Kingsway and gave Mainstreet a publicly traded investment firm to help finance its development projects.•

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