May 1, 2010

Formation Shelbourne Partners has hired Three Architecture of Dallas to design its new senior living community in Germantown, Tennessee. This project is a follow-up to The Solana at Cinco Ranch, also designed by Three Architecture.  The Germantown project will build on the many successful design elements and features of The Solana, while adding a memory care component.

March 10, 2010

Formation Shelbourne Partners has hired the Dallas-based senior living studio of Perkins + Will architects to design multiple assisted living projects.  Perkins + Will is initially designing projects in New Jersey, Maryland, Missouri and Texas.  Formation Development Group has worked with Paul Donaldson of Perkins + Will on past projects and is excited to renew the relationship.

December 16, 2009

Joe McElwee of Shelbourne Healthcare Development Group LLC (Shelbourne Capital) was involved in a transaction in which Shelter Development of Baltimore, Maryland purchased two assisted living communities in New Jersey from J.S. Hovnanian & Sons, LLC of Mt. Laurel, New Jersey.  Joe assisted in the sale of Sunrise of Woodbury Lake in Deptford Township, now known as Brightview Woodbury Lake, and Sunrise of Mount Laurel, renamed Brightview Mount Laurel. The communities total 144 apartments and include traditional assisted living as well as Alzheimer’s care.  Joe was the original developer of these communities on behalf of JS Hovnanian, for whom he worked prior to his tenure with Sunrise Senior Living.  The projects were developed in partnership with Sunrise.  JS Hovnanian later bought out Sunrise but Sunrise continued as the manager until the time of this sale. 

For information please contact Joe at 610-229-9074 or JMcElwee@shelbournecap.com. 

December 28, 2009

Formation Development Group's new project, The Solana at Cinco Ranch, was featured in an article in National Real Estate Investor.

Please click here to read the article: http://nreionline.com/seniorshousing/occupancy_uptick_1223/index.html 

September 15, 2009

Formation Shelbourne Partners was the subject of a feature story in the September 2009 issue of
"Senior Living Business." 


July 20, 2009:

Formation Capital of Alpharetta, Georgia and Shelbourne Capital of Radnor, Pennsylvania have formed a new venture to develop and own senior living communities. The venture, Formation Shelbourne Partners, combines the investment capital of its founders and takes advantage of the development capabilities of their respective subsidiaries, Formation Development Group, LLC and Shelbourne Healthcare Development Group LLC.

 July 30, 2009
For Immediate Release

Contact: Scott McCaskey at Goldman & Associates Public Relations at 757-625-2518 or at: scott@goldmanandassociates.com

A new venture has been formed to combine resources of two partnering firms to capitalize on opportunities in the senior living industry created by the real estate downturn. Formation Shelbourne Partners will finance, develop and offer consulting services for senior living communities in the U.S. and Canada. The partnership aims to capitalize on senior living projects that are stalled, as well as on the increased availability and attractive pricing of site locations.

The partnership was recently formed by Atlanta area-based Formation Capital and Philadelphia area-based Shelbourne Capital. Both firms bring extensive senior living experience and investment capital expertise to the new venture. The principals of the two firms have provided comprehensive programs and services in the development and operations of 180 senior living communities and healthcare facilities, with an aggregate value of more than $2.7 billion.

"Our two firms could be competitors, but felt in this dramatic economic downturn the partnership offered the best vehicle to seize upon the opportunities now in senior living, and especially in the assisted living industry," says Mark P. Maberry, executive vice president of Formation Development Group, a subsidiary of Formation Capital. "Working together we have a broader geographic scope, more professional staff and more capital at a time we think offers real opportunities."

Maberry says there are good sites for development nationwide that are already through the zoning and entitlement process, but stalled because of credit issues and investor uncertainty. Due to the struggling real estate sector there is also an availability of suitable retail, hotel, office and residential land that could now be used for senior living. The partners also will acquire existing assisted living communities. Because of the partnership’s sound finances and expertise, they feel the door is wide open.

"Even in this economy there is still demand for quality assisted living communities," Maberry says. "Most communities are 10 to 15 years old or more, and showing their age. Seniors are very discriminating, as are their adult children, and there’s a real opportunity to introduce quality new product that people will respond to even in a down market. And with real estate prices down, there are now more prime sites available at attractive prices."

The new venture will develop its own projects and offer 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. Mark T. Spiegel, president of Formation Development Group, and Joe McElwee, co-founding partner of Shelbourne Healthcare Development Group, a subsidiary of Shelbourne Capital, are the lead principals of Formation Shelbourne Partners.

"Together our two groups have created a partnership that will offer significant senior living development and asset management expertise in both the U.S. and Canada to our clients and investors, and most importantly to the seniors who will call our communities their home," McElwee says.

The founding companies and their subsidiaries serve clients throughout the U.S. and in the Toronto and Montreal metro regions of Canada. They have provided services to two of the senior living industry’s largest operators, Sunrise Senior Living and Emeritus Senior Living.

To interview Formation Shelbourne Partners principals, please contact Scott McCaskey at Goldman & Associates Public Relations at 757-625-2518 or at: scott@goldmanandassociates.com. Visit Formation Shelbourne Partners at: www.fs-partners.com .

Formation Shelbourne Partners is a new venture between Formation Capital of Alpharetta (Atlanta) Georgia and its subsidiary Formation Development Group LLC, and Shelbourne Capital of Radnor (Philadelphia) Pennsylvania and its subsidiary Shelbourne Healthcare Development Group. Formation Capital invests equity in the senior housing and healthcare industry. Over the past 6 years, Formation Capital has coordinated the investments in over $4 billion of transactions. Mark T. Spiegel is the president of Formation Development Group. Mark P. Maberry and James C. Robinson are executive vice presidents. Shelbourne Capital is a real estate and private equity investment firm focusing on opportunistic high-yield investments in the commercial real estate and middle-market private equity sectors nationwide.  Joseph F. McElwee, James P. May and Jason R. Ladavac are principals of Shelbourne Healthcare Development Group.

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Please check back in the future for additional news from Formation-Shelbourne Partners. 

Thanks for your interest!