The venture develops projects for its own account and also offers consulting and fee development services to investors, lenders, operators and developers who want to enter the senior living industry or who desire to reposition existing assets. Services include market research, site selection, financial feasibility, zoning, entitlements, design, project finance, construction management, start-up operations, and asset management.
The venture brings together significant investing, development and consulting experience in senior living and other areas of real estate and healthcare. The principals of Formation Shelbourne Senior Living Services have been involved in the development, operations and ownership of over 180 senior living communities and healthcare facilities with an aggregate value of over 2.7 billion dollars. Projects include new development and renovations of assisted living, independent living, Alzheimer's care communities, retirement campuses, hospitals and medical offices.
Formation Development Group, LLC is the development arm of Formation Capital. It was founded by former executives of EdenCare Senior Living Services of Alpharetta, Georgia. Mark Spiegel, Mark Maberry, and Jay Robinson lead the Formation Development team. Shelbourne Healthcare Development Group LLC is the development subsidiary of Shelbourne Capital. It is comprised of Joe McElwee, Jim May and Dave Ennis, all of whom are senior living professionals from Sunrise Senior Living; as well as former Pitcairn Properties executive, Joe Fox; Jim Kane, formerly of Lehman Bros and Credit Suisse; and Jason Ladavac, previously of JER Partners.
Joseph F. McElwee