Connecting Generations: Real Estate for an Aging Population

Moderator
Meredith Oppenheim
Senior Vice President, Savills Granite

Ms. Oppenheim is a Senior Vice President with Savills Granite, a NYC-based boutique real estate investment bank, and a senior housing specialist. Ms. Oppenheim joined the firm in June 2007 to launch and lead the senior housing practice and is responsible for originating and executing transactions including financings, re-capitalizations, dispositions and joint ventures.  Ms. Oppenheim brings senior housing experience that spans the globe, extends across all products, and covers the full life cycle of a deal through from pre-development through disposition. Ms. Oppenheim has worked for leading senior housing owner/operators and developers, including Marriott Senior Living, Sunrise Senior Living and K. Hovnanian. Prior to joining Savills Granite, Ms. Oppenheim ran Oppenheim Real Estate Ventures, LLP where she advised major developers, investment banks, private equity firms and hedge funds on senior housing transactions, as well as completed senior housing consulting engagements in Mexico, India and the Philippines. Ms. Oppenheim earned an MBA from the Harvard Business School (Class of 2001) and graduated with a BA in Social Sciences from Cornell University. Ms. Oppenheim is a frequent guest speaker on senior housing trends and opportunities.   Her affiliations and activities include Urban Land Institute Senior Housing Council, American Senior Housing Association (ASHA) Chairmen's Circle, National Investment Center, Zell/Lurie Real Estate Center and Gerson Lehrman Group Expert Network.

Tom Grape
CEO, Benchmark Assisted Living

Thomas Grape is the Founder, Chairman and Chief Executive Officer of Benchmark Assisted Living, which he founded in 1997.  Benchmark Assisted Living is the largest assisted living company in New England and one of the top 10 in the nation, with $900 million in assets, and more than $200 million in annual revenue.   Known for exceptional resident satisfaction, the privately-held company owns and operates 43 properties, providing care for over 4,000 assisted living, independent living and Alzheimer’s residents.  The Boston Business Journal, 2007, recognized Benchmark as the 38th  largest private company in the region. Tom has also been active in his community.  He has been especially active at Trinity Church in the City of Boston where he served two terms on the Vestry.  In addition, he has chaired the building committee at Trinity Church for the last 14 years, which just completed a nationally-acclaimed $40 million preservation/renovation effort.  He also enjoys tennis, golf and skiing. Tom received a B.S. from Ithaca College in 1980.  He and his wife, Anne, live in Weston, Massachusetts with their two daughters.

Glenn Kaplan
CEO, Kaplan Development

Glenn owns and is President and CEO of Kaplan Development Group, LLC.  Kaplan Development Group is the holding company for Kaplan Management Group, LLC and Senior Management Group, LLC, which operates several facilities and housing complexes.  Kaplan Development Group purchases and manages problematic senior living facilities, and with his hand picked team of experts, implements a proven formula of processes and controls that produce efficient, well run properties.  Kaplan Development Group also plans and develops all expansion and construction aspects of its current holdings as well as being poised to develop new projects. Prior to launching Kaplan Development Group, Glenn served as CEO and Chairman of the Board for Kapson Senior Quarters Corp., one of the largest and most successful owners and operators of assisted living facilities in the U.S. – an organization that he helped found in 1972.  Pioneering the assisted living concept, Glenn steered Kapson’s growth with his hands on operations, financial control, business development and acquisitions.  Glenn is very active in his community.  He has served as chairman of the building committee where he led the construction of the Woodbury Jewish Center and has been active for years providing counsel and fund raising support to the Maimonides Day School and Chbad. Glenn is a graduate of the University of Bridgeport with a degree in Accounting.  He grew up and continues to live on Long Island with his wife Susan.  His daughter, Sara, is a graduate of George Washington University, and his daughter, Brooke, of New York University.  They both currently work with him at Kaplan Development Group.

David Hegarty
COO, Senior Housing Property Trust

David serves as President and Chief Operating Officer of Senior Housing Properties Trust (“SNH”), a NYSE-listed real estate investment trust (“REIT”) that invests in senior housing income-producing real estate, particularly independent living, assisted living, congregate care communities and skilled nursing facilities.  SNH currently has investments of $2.0 billion in 209 properties located in 32 states.  SNH is a spin-off of HRPT Properties Trust (“HRP”), one of the largest publicly-traded REITs in the United States that invests in commercial and medical office properties.  Mr. Hegarty was the President and Chief Operating Officer of HRP until the spin-off transaction.  Mr. Hegarty also is on the Executive Board of the American Seniors Housing Association and the Board of Advisors of Radius Ventures, a venture capital fund that invests in the healthcare industry.  Mr. Hegarty is a certified public accountant and a graduate of the University of Massachusetts.

Scott Stewart
Founder and Managing Partner, Carlyle Seniors Housing

Scott Stewart is the Founder and Managing Partner of Carlyle Seniors Housing, LLC (CSH), a national seniors housing investment firm.  CSH is an affiliate of The Carlyle Group (Carlyle), one of the world’s largest private equity groups with over $75.0 billion under management.  Both CSH and Carlyle are headquartered in the same Washington, DC offices. CSH was formed in the fall of 2003 with a mission to opportunistically acquire, develop and own independent living facilities, assisted living facilities and continuum of care retirement communities (CCRCs) in major U.S. markets.  CSH contemplates utilizing third party managers to operate the facilities on a fee or joint venture basis. To date, the company has amassed a nationwide portfolio of assets valued at over $750 million.  CSH has also realized a combined $101.0 million gross profit for Carlyle’s investors with the timely sale of certain assets in just over a four-year period.   This track record has enabled the company to post an overall, portfolio IRR in excess of 52%.  Prior to forming CSH, Mr. Stewart ran the Acquisitions Group for Sunrise Senior Living, one of the country’s largest seniors housing service providers.  Before that, he headed up the acquisitions, development and construction efforts for Homestead Village, Security Capital Group’s extended-stay hotel company. Mr. Stewart is a graduate of The University of Michigan (BBA) and Harvard Business School (MBA).