Related, an affordable housing developer in the U.S., will acquire a stake in healthcare provider CareMax as part of an effort to open senior health centers in underserved urban communities, the companies said July 13.
Under the deal, Related will buy $5 million in CareMax stock at $10 per share and receive warrants to purchase up to 8 million shares at $11.50 per share.
The two companies aim to open about 75 senior health locations over the next three years. The goal is to open 15 new centers in 2022, 25 in 2023 and 35 in 2024.
Miami-based CareMax, a technology-enabled platform providing value-based care to seniors, currently operates 42 medical centers, mostly in Florida. The company said it plans to use the funds and expertise of Related to expand nationwide. The first three centers will be located in New York.