Fundamental Advisors in New York announced a joint venture with Senior Care Development, a senior living developer, with a goal of buying up to $1 billion in skilled nursing assets.

The companies have collaborated on multiple complex transactions across the full spectrum of seniors housing and care over the past decade, including the recent acquisition and foreclosure of Tandem Health Care’s mezzanine loan obligations of 41 skilled nursing facilities located in three states, executive said. The venture will focus on acquiring portfolios of real estate assets “leased to best-in-class skilled nursing operators in high-barrier-to-entry markets,” according to a statement.

The current dislocation in skilled nursing means “committed capital is needed to stabilize nursing homes that would otherwise struggle without it,” said Laurence Gottlieb, chairman and CEO of Fundamental. “We look forward to continuing to work closely with the SCD team to build on our shared success in the skilled nursing arena by providing the resources these facilities need in order to supply comprehensive critical and resident care in their communities.”