(Save the date: RealShare Medical Office Buildings comes to the Four Seasons in Scottsdale, AZ, November 7 -8 )

BETHESDA, MD-Beech Street Capital is expanding its seniors housing executive line up, tapping James Sherman as EVP-Seniors Housing and Michael Byrnes as VP. Sherman joins Beech Street from RED Capital Group, where he was a senior managing director of its senior housing and long-term care group. Byrnes, too, joins Beech Street from RED.

A 40-year industry veteran, Sherman has completed hundreds of millions of dollars in financings, including conventional bank debt for new construction and acquisitions, bond financings, taxable and tax-exempt financings, Fannie Mae and FHA guaranteed financings for seniors housing, health care and hospitals.

Beech Street is not the only multifamily player deepening its senior housing bench: Walker & Dunlop has brought on board Michael B. Vaughn, a former director at the US Department of Housing and Urban Development, to serve as SVP and head of its FHA Finance Healthcare department. The two firms’ common goal is the ripe opportunity that this asset class offers real estate investors right now. Partly that opportunity is due to the recent decision by the US Supreme Court to uphold the Patient Protection and Affordable Care Act, which is expected to lead to increased development and investment. It is also partly due to demographics--namely the aging of the baby boomers and their requirements for care and housing.

Finally, a third piece--the US Department of Housing and Urban Development’s growing support for senior housing—is also fueling interest. In a recent speech, HUD Secretary Shaun Donovan noted that the agency provides housing to over one million US seniors, through such initiatives as its Section 202 program. This year, he said, the agency is changing the way 202 funds are used to support new projects--"focusing our investment on operating subsidies and relying increasingly on state housing agencies to step in with the upfront capital and development oversight." Also, Vaughn told GlobeSt.com in an earlier interview that HUD’s hospital finance program will soon be able to offer refinancing for hospitals—another, related growth area.