BisnowKinderCare Real Estate Locks In $650M Refinancing
A private REIT tied to the Milken family refinanced a 549-property KinderCare portfolio as the childcare operator's stock slides on weak enrollment.
Multi-unit operator Michael Reyes expanded his area development agreement to 46 KidStrong centers, one of the brand's largest commitments to date.

KidStrong franchise owner Michael Reyes has signed an area development agreement bringing his total commitment to 46 units, one of the largest in the brand's system. Through his company NextGen Holdings, Reyes currently operates 17 centers across six states with four more under construction. He started four years ago after leaving a career in enterprise sales.
Reyes says the jump to 46 units reflects a playbook that has already proven out across New York, New England and North Carolina rather than a leap of faith. As NextGen has scaled, his own role has shifted from running individual centers to building the leadership bench, regional managers and hiring systems that let the company run without him in every room.
KidStrong's chief development officer says Reyes represents the kind of multi-unit partner the brand is prioritizing as it scales nationally: disciplined, standards-driven and willing to invest in people rather than just chase unit count. For a children's development franchise where consistency of the in-center experience drives retention, a proven operator who can replicate quality across new markets is worth more than raw square footage.
A single operator holding 46 units concentrates both opportunity and risk. Reyes credits KidStrong's Franchise Advisory Council with shaping his site-selection discipline, prioritizing trade areas that support efficient hiring and brand awareness over simply grabbing available territory. For KidStrong, one operator executing at this scale reduces the franchisor's own development lift while still requiring tight oversight of quality across every new center.
BisnowA private REIT tied to the Milken family refinanced a 549-property KinderCare portfolio as the childcare operator's stock slides on weak enrollment.
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