Related Cos., CareMax Partner Up to Develop Senior Health Centers in Underserved Communities

Related Cos., one of the largest owners of affordable housing in the U.S., is acquiring as much as a 9% stake in healthcare provider CareMax Inc. as part of its plan to develop scores of senior health centers in underserved urban communities throughout the U.S.

Related, a developer of office buildings, malls and upscale apartments as well as affordable housing, will act as an investor, adviser, developer and, in some cases, landlord of CareMax health centers. As part of the deal, Related will buy $5 million in CareMax stock and receive warrants to purchase up to 8 million shares at $11.50 a share.