In his 11 years with Prudential Real Estate Investors, Noah Levy has created a business that raises funds to purchase high quality seniors housing. “We bring a niche strategy that we can execute on behalf of Prudential’s clients,” he said. “We’ve brought seniors housing products to the marketplace. There are not many funds that do what we do.”
The company manages pension fund money to invest in real estate and is a co-investor in the Senior Housing Partners I and II LP (SHP I & II) funds, which are limited partnerships formed between Prudential and pension funds. Circle Housing, the precursor to SHP I & II, is fully dedicated and owns six properties. SHP I is fully committed and closed in 1998 while SHP II began making investments this year. The SHP funds have provided $520 million in loans for independent living, assisted living and nursing home properties across the United States.
Noah is the portfolio manager for the SHP I & II funds, and he oversees the financing activities of Circle Housing. He started working on the mortgage side of Prudential in 1991, and took over the senior housing lending program in 1994. He has successfully managed more than $1 billion in mortgage assets.
“We don’t buy into operating companies, we invest at the asset level or do mezzanine loans. It’s just a different investment strategy,” he said. Many times the company will continue to use the previous managing company after it has bought the property, he added.
Noah is a member of the Executive Board of ASHA, and speaks at the annual conferences. He was previously employed at Mitsui & Co. Inc., the American subsidiary of a large Japanese trading company, where he worked for seven years.
Noah received a Bachelor of Arts degree in History from Princeton University, a Master of Arts in International Affairs and Economics from Johns Hopkins University, and an MBA from The Wharton School.