Senior Housing Influencers

We can count the senior housing asset class as among those real estate categories upended by the pandemic. Fortunately, there are signs that the sector is stepping to recovery but it will be undoubtedly an uphill road. One factor in the senior housing class’ recovery will be its deep bench of strong leaders, many of which can be found on the following pages.

INDIVIDUALS

AARON BECKER LANCASTER POLLARD, A DIVISION OF ORIX REAL ESTATE CAPITAL Aaron Becker identified his interest for the industry while pursuing a career in social work and ensuring the finances for a homeless shelter. Caring passionately about his clients’ work and the population they serve, Becker continues to provide financial solutions for senior housing clients. Joining Lancaster Pollard in 2011 to launch and establish the firm’s presence in the New England market, Becker has since turned the market into one of the firm’s most profitable regions by completing more than $1.4 billion in senior housing and healthcare transactions. Following ORIX Real Estate Capital acquisition of Lancaster Pollard, Becker now serves as senior managing director and head of senior housing and healthcare production for the firm, where he directs national strategy, provides financing and operational guidance, and allows senior living providers to deliver high-quality care to residents.

VINNEY K. CHOPRA MONEIL SENIOR LIVING Upon coming to the US 40 years ago with $7 to his name, Vinney K. Chopra has since successfully achieved the American dream by finding success in a variety of areas. In addition to serving as an international best-selling author and a motivational talk show host, after receiving his bachelor’s degree in mechanical engineering, Chopra has successfully built a portfolio of more than 4,000 multifamily units and more than 2,000 senior housing units as the founder of Moneil Senior Living. As an investor, syndicator and educator, Chopra aims to build communities and provide top quality, luxury senior assisted living at an affordable price. He has successfully achieved more than $400 million in assisted living real estate transactions while bettering the lives of others.

MARK E. HAMISTER HAMISTER GROUP LLC As a natural leader, Mark Hamister consistently empowers others to grow, perform and succeed. Having developed a reputation as an industry expert for more than 40 years, he builds teams surrounded by a positive culture, he challenges others to take it to the next level, he is open to new ideas and innovation, and he identifies others’ strengths to compliment his weaknesses. His outstanding leadership as chairman and CEO of Hamister Group has consistently delivered superior results and has made a significant difference in the lives of senior housing residents. While achieving the highest resident satisfaction and operations excellence by demonstrating the importance of treating residents as family, Hamister guides the firm’s direction, develops funds, achieves significant investment returns and actively gives back to the communities in which the firm operates.

STUART C. KAPLAN SELFHELP COMMUNITY SERVICES INC. With the original mission to care for Holocaust survivors, Selfhelp Community Services Inc.’s programming has vastly expanded under Stuart Kaplan’s leadership to include affordable senior housing, social work services and community guardianship. Offering independence and dignity to older and vulnerable New Yorkers, CEO, Kaplan leads the firm to operate 12 senior residences; providing homes and community-based care to more than 20,000 citizens. Committed to improving the lives of the elderly, Kaplan co-authored a study on the positive impacts of Selfhelp’s affordable housing, and he additionally led the formation of Selfhelp Realty Group to further structure and oversee the company’s housing development projects. While integrating on-site services, Kaplan ensures Selfhelp’s fiscal stability and growth, he implements numerous technological systems and recently, he grew and developed the firm’s virtual senior center program to serve homebound individuals with interactive content and engagement.

KEVIN MADDRON FOUNDRY COMMERCIAL Among the first professionals to assist in transitioning the sector to the preferred senior housing model, Kevin Maddron has served has an integral factor of the sector’s evolution throughout the past three decades. Connecting and creating successful relationships between operators and owners, Maddron helps clients realize the benefits and success of senior housing facilities. Following vast financial leadership experience within the sector, Maddron was appointed chief financial officer at Foundry Commercial in 2018, where he immediately positioned the firm for a recapitalization which he closed on in early 2020. As a healthcare principal at the firm, Maddron leads the firm’s short- and long-term growth strategy. He has expanded the firm’s healthcare and senior housing service lines, created unprecedented interest in the firm’s senior housing platform and he additionally facilitated a joint-venture partnership earlier this year, creating a new entity that acquires, develops and manages senior housing assets throughout the US.

NANCY M. OLSON SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP As a highly-regarded expert within the senior housing sector, Nancy Olson serves as a go-to lawyer for high-profile, complex senior housing transactions. Throughout her nearly 25-year industry career, Olson has led groundbreaking, transformative transactions; some of which have altered the landscape of the industry. As a partner at Skadden, Arps, Slate, Meagher & Flom LLP, Olson has additionally led the firm’s Chicago office real estate group since 2006. Representing some of the sector’s largest entities and equity investors within her real estate practice, Olson advises owners and operators throughout the country on their joint-venture, leasing, management and other financial arrangements, while overseeing attorney development and business development strategies for the group. She notably represented Brookdale Senior Living Inc. in restructuring its lease agreement with Ventas; resulting in $500 million in rent reduction, additional lease modifications and a $100 million portfolio sale.

KATHERINE POTTER FIVE STAR SENIOR LIVING Upon assuming the position of CEO and president at Five Star Senior Living in January 2019, after serving as the company’s general counsel for seven years, Katherine Potter immediately prioritized and led a year-long restructuring change which led to a management agreement with Diversified Healthcare Trust. Setting a clear course for business continuity and ensuring a financially viable future, Potter redefined the company’s mission, evaluated its values, invested in talent, added new functional areas and created robust financial planning and analysis group. In addition to influencing the more than $34 million investment in salaries and wages in 2019, she created a culture of transparency and innovation by leveraging data analytics and establishing strategic partnerships, in effort to further operational efficiency and enhance resident experience. While overseeing nearly 26,000 team members and more than 260 senior living communities, Potter has made substantial progress for the firm.

SHLOMI RONEN DEKEL STRATEGIC INVESTORS Striving to change the perception of the senior housing market, Shlomi Ronen works to alter the way that senior living facilities are created, to offer a home-like atmosphere for residents. Within his role as managing principal at Dekel Strategic Investors, Ronen establishes strong relationships with developers, in order to create facilities that offer exceptional care and high-end amenities, such as yoga studios, Cordon Bleu-trained chefs, hair salons, movie theaters and more. While overseeing the firm’s proprietary equity fund, Ronen drives the firm’s senior living facility pipeline and arranges financing for numerous high-level senior housing projects; filling the increasing demand for the growing population. In addition to his work within the company, Ronen serves as a real estate capital markets adjunct professor in USC’s master’s of real estate program.

CARY TREMPER GREYSTONE Summarizing his responsibilities as managing director and group head of Greystone’s senior housing capital markets team, Cary Tremper references his mantra, “to build, grow and execute.” Determined to build a best-in-class senior housing lending platform upon joining Greystone in 2014, Tremper has since accomplished this vision by cultivating a dedicated team, delivering creative solutions and collaborating with outside institutions. In 2019, his senior housing capital markets team successfully tripled its loan production to $1.2 billion and more than doubled its average loan size; executing more than $13 billion in senior housing loan originations. Under Tremper’s direction, Greystone consistently ranks among the top firms for Fannie Mae and Freddie Mac senior housing loan volume. Throughout his career, Tremper has financed more than $8 billion in senior housing transactions. He currently serves as an executive board member for the American Seniors Housing Association and he was recently appointed to Freddie Mac’s senior housing advisory board.

GREG WEST ZOM SENIOR LIVING As CEO, Greg West has successfully spearheaded ZOM Living’s expansion into the senior housing space. As an industry expert working with the multifamily firm since 1997, West is responsible for all aspects of the company, including identifying new opportunities, underwriting parameters, executing due diligence, project design and construction. Deeply involved in the company’s development activities and investor relations, West has recently led the firm’s development platform into the senior housing sector to deliver high-quality senior housing development projects. Aiming to rival the firm’s primary multifamily business, West has assembled teams of operators and investors and has established a business strategy with plans to expand the firm’s sector footprint, nationally. Under West’s direction, within the past 12 months, ZOM Living has commenced construction on its first three senior housing projects. In addition, West remains active within the industry and the Miami community by serving on various boards, councils and committees.

PATRICIA WILL BELMONT VILLAGE SENIOR LIVING Utilizing her background as a medical property developer, Patricia Will co-founded Belmont Village Senior Living in 1997, following her mother-in-law’s Alzheimer diagnosis and proceeding lack of effective care. After a three-year research effort to learn about dementia and aging’s associated conditions, Will launched the company with the mission to create a comprehensive and unique senior-focused community. Aiming to support wellness, foster independence for residents and reimagine the integration of healthcare in senior housing, Will delivers purpose-built developments and implements propriety, research-based programming through partnerships with universities and healthcare institutions. As CEO, Will now oversees operations for the company’s $2.5 billion real estate portfolio, totaling 31 senior living communities. Will’s extraordinary efforts have resulted in her induction into the Texas Business Hall of Fame, as well as numerous awards for the company’s developments. In addition to personally supporting the Alzheimer’s Association, Will has guided the company to raise more than $350,000 for the organization, through various fundraising events.

TEAMS

CADENCE LIVING’S LEINBACH & GRUBER Founding principals, Rob Leinbach and Eric Gruber set out to create a new type of senior living community when launching Cadence Living in 2016. With a holistic approach, focused on community engagement, enhanced life experiences and each resident’s happiness, the partners implement their philosophy in Cadence communities throughout nine states. While focusing on all aspects of the company’s growth, management and strategic plan, the team handles acquisitions, oversees corporate operations and designs communities for the next generation. The team guides the senior living community operator to offer personalized amenities, activities and décor based on resident desires and geographic location, such as fitness programs, arts programs, live entertainment, culinary services, excursions and lifelong learning opportunities. Leinbach and Gruber additionally center each community on a hospitality-lifestyle; coordinating each resident’s outside medical appointments, while providing essential services in-house and ensuring valuable connections through innovative ideas.

COLLIERS INTERNATIONAL’S CARRIERO TEAM Holding vast experience in brokering senior housing assets, Colliers International’s Carriero Team has worked extensively with owners and operators in identifying problem areas and pinpointing financial expenditures within senior housing facilities. As SVP and national director of Colliers International’s senior housing practice group, Kenneth Carriero oversees the division and its marketing of senior housing assets on a national level, alongside VP and director, Damien Carriero. While also assisting new senior housing owners and operators with application processes and change of ownership procedures, Kenneth and Damien have each been recognized by the previous Governor of Florida for their involvement in growing the state’s senior housing industry. Benefitting countless Florida senior citizens through their efforts, the team additionally benefits sector professionals by offering the disciplines of senior housing brokerage and solutions to complex challenges through mentoring and video conference discussions.

INTEGRA REALTY RESOURCES’ HEALTHCARE & SENIOR HOUSING PRACTICE GROUP Merging its business into the appraiser-owned, Integra Realty Resources throughout the past three years, IRR’s healthcare and senior housing practice group now represents one of the largest healthcare appraisal specialty firms, with more than 50 offices. With a sole focus on senior housing and healthcare properties, the group’s highly-specialized members conduct appraisals, market studies and consulting assignments on a wide variety of sector assets. Utilizing IRR’s data and technology platform, the group handles large property portfolios and highly-complex valuations. Under the leadership of senior managing director, James K. Tellatin, the group has appraised healthcare and senior housing assignments on behalf of clients, totaling tens of billions of dollars annually, and totaling 4,284 assignments and $20 billion in asset value in the past 24 months alone.

JLL VALUATION ADVISORY SENIORS HOUSING TEAM As part of JLL’s valuation advisory business, the JLL valuation advisory seniors housing team comprises a network of licensed, qualified appraisers that deliver accurate valuations to support clients in providing senior housing care. Managing directors and national practice leaders of the senior housing team, Brian Chandler and Bryan Lockard successfully directed the team to complete nearly 1,700 senior housing assignments and nearly $2 billion in value in 2019. While expanding services for clients, the team has increased its geographic footprint throughout every state in the US, and has grown to be one of the largest specialized teams in the country, with more than 30 professionals including some of the firm’s top producers. Additionally, the team has increased JLL’s valuation advisory business’ revenue and profit margin to its highest level yet.

MARCUS & MILLICHAP’S HILDING AND ANDRIANO SENIOR HOUSING TEAM Marcus & Millichap’s Hilding and Andriano senior housing team, comprising first VP of investments, Charles Hilding, senior associate, Andrew Hilding and VP of investments, Matthew Andriano, have successfully closed on $2.75 billion in senior housing transactions, while representing private, institutional and non-profit senior housing owners. As an authority on senior housing and long-term care facility acquisitions and dispositions, Charles leads the team to serve a diverse clientele. Having underwritten more than $5 billion in senior housing assets since joining the firm in 2011, Charles successfully closed $256.6 million in transactions last year as Marcus & Millichap’s top senior housing investment professional. As experts within the firm’s senior housing division, the team executed the largest ever stand-alone nursing home transaction in 2016, and in the same year, closed on the sale of the largest privately-owned nursing home portfolio since 2012.

THE KNAPP GROUP OF MARCUS & MILLICHAP During James Knapp’s more than 30-year industry career, he has consistently served as one of Marcus & Millichap’s leading senior housing brokers. As SVP of investments and a founding agent of the firm’s Detroit office, Knapp, alongside his son, senior associate, Justin Knapp, have developed a strong team of agents and marketing/underwriting professionals focused on skilled nursing, assisted living, memory care and CCRC sale transactions. Through a consultative approach and brokerage strategy, the Knapp Group utilizes its expertise in market nuances, state regulations and political trends to provide up-to-date, accurate research and advisory services to guide clients’ decisions. While developing meaningful relationships with local owners and operators, the senior housing advisors diligently evaluate the value of assets, create maximum exposure, attract buyers, maintain seamless processes and achieve clients’ goals.

NEWMARK KNIGHT FRANK SENIORS HOUSING AND HEALTHCARE CAPITAL MARKETS GROUP Going beyond the traditional broker/originator role, NKF seniors housing and healthcare capital markets group allows its professionals to exclusively focus on capital markets and serve as advisors and partners to clients. Offering a full-suite of services, while continually adding new resources, the group provides an unbiased perspective to clients throughout the decision-making process. Consistently recognized for its significant sales volume, debt origination and JV equity, the top producing team has grown significantly within recent years, having closed more than $6 billion in senior housing transactions in 2019 alone. The group routinely represents and executes high-profile transactions, including the more than $1 billion portfolio transaction between Welltower and Kayne Anderson during the COVID-19 pandemic, and the $1.3 billion Project Husky financing closed in 2019.

ORGANIZATIONS

FRB CAPITAL Aiming to achieve a credible alternative for arranging fresh capital into a repriced and deleveraging market, founder and managing partner, Joe F. Biaou launched FRB Capital in 2010, and has since guided the privately-held, commercial real estate financial intermediary to emerge as a driving force within the industry. Following its inception, the Washington DC-based firm has executed complex transactions while focusing on the long-term, risk-adjusted investment strategy of financing senior housing assets. Within the past three years, FRB Capital has completed more than $250 million in senior housing development financing. In effort to support the development of sustainable projects throughout the country, the firm’s private mortgage REIT facility is allocating 50% of its $500 million target fund raise into senior and mezzanine debt positions.

JASA Striving to assist at-risk, low-income older adults in New York City, JASA provides safe, affordable and accessible apartments for 2,400 older adults and disabled individuals. As a go-to agency serving older New Yorkers, JASA currently owns, manages and operates ten buildings within the city, while committed to ongoing capital improvements and on-site social services within each building, such as green energy initiatives, water conservation savings programs, prepared meal delivery and online classes and programs. In 2016, the agency was granted class certification by a federal judge to represent senior citizen residents in freezing rent prices, receiving eligible rent reductions and preserving affordable housing. JASA has launched numerous programs in partnership with hospitals and organizations to develop new affordable housing assets and assist seniors.

KEYBANK REAL ESTATE CAPITAL With a nationwide practice dedicated entirely to senior housing and healthcare properties, KeyBank Real Estate Capital delivers debt, equity and advisory services to senior housing clients across the country. Solving the financing needs of REITs, hospitals, owners and operators as a top lender, the company provides custom solutions through permanent property financing, syndicated loans and agency financing across a range of senior housing property types. The firm consistently ranks among the top lenders for Fannie Mae, Freddie Mac and HUD. From 2017 to 2019, the group originated more than $18 billion in senior housing, in addition to financing more than $5.7 billion in combined loans with agencies for senior housing and affordable senior housing projects.

SILVERSTONE SENIOR LIVING In 2013, founder and CEO, Denny Alberts utilized his extensive experience in developing luxury condos and high-end hotels to establish Silverstone Senior Living. Designing, building and operating new generation communities, the firm offers boutique, luxury lifestyles and high-end hospitality services in desirable urban locations. Catering to seniors’ accustomed lifestyles, without the high costs of continuing care communities, the firm has become an industry leader by increasing the supply of quality senior housing and meeting the needs of independent, assisted and memory-care residents. Prior to the onset of the COVID-19 pandemic, the company had already begun to implement resident safety measures, such as flexible common areas, enhanced filtration systems, touchless technology, infrared devices for high-touch service areas, specific visitation rooms and safe, comfortable areas for caregivers to shower and decompress.

SPARROW PARTNERS Focusing on offering a middle-market rental housing solution within suburban markets throughout the Southwest and Sunbelt, Sparrow Partners develops lifestyle-focused rental housing for residents aged 55 and above. Offering a combination of aesthetically-pleasing design, a vast suite of amenities and a full activity calendar, Sparrow Partners’ active adult housing features various floorplan options available at lower price points. Through its fully-integrated platform, the firm is able to design, develop and manage communities for residents seeking an enhanced alternative to standard, traditional senior housing. Within the past three years, Sparrow Partners has designed and developed five active adult communities, totaling more than 800 units, with six additional communities currently under construction.

STRATODEM ANALYTICS Assisting clients in making more effective investment, development and disposition decisions, StratoDem Analytics provides data sciences as a service to senior housing stakeholders. Generating and delivering high-quality, hyper-local economic, demographic and performance forecasting data, StratoDem Analytics is well-respected for deploying some of the most advanced data science automations for senior housing investment and development analysis. Helping clients drive disciplined investments decisions and automate time-consuming investment and operation processes, the firm directly positions clients with an advantage to achieve best results. In addition to cultivating the next generation of data science leaders through its work at UNC and Harvard, StratoDem Analytics freely shares its learnings to benefit the senior housing industry as a whole.

VITALITY LIVING Established in effort to shift the perception of senior living and to meet the evolved demands of older adults, Vitality Living strives to create vibrant, energetic communities where residents embrace individuality, family members engage and team members thrive. CEO, Chris Guay leads the partner-owned company with the mission for everyone fully experience life, regardless of age or circumstance. Celebrating the value of each resident and employee, Vitality Living challenges perceptions, advocates for choice and supports engagement and growth, while offering a sense of belonging. The company expands its footprint through collaborative relationships, acquisitions and developments, and builds its brand with like-minded owners. In addition to generating informative resources and offering an interactive website, the company aims to adapt and integrate into the culture of each local community; to flourish separately, while thriving collectively.