Joseph L. Fox

Joe Fox is a Co-Founding Partner of Shelbourne Healthcare. Formerly a Partner and Global Head of Real Estate at Claret Capital, Joe formed Claret’s Global Real Estate Group in February 2008. Joe, with over 23 years of real estate experience, managed all real-estate related activity within Claret Capital, to include acquisitions and asset management. He has an extensive real estate owner/operator background, having built the operating partner platform at Pitcairn Properties with institutional partners including GE Capital, SEB ($4 billion German open-ended real estate fund), Capmark, Citigroup, and Lexington Corporate Properties Trust.

Before Claret, Joe was Executive Vice President at Pitcairn Properties. He joined Pitcairn in 2003, and was responsible for all acquisition activity within the company to include equity, finance, and joint venture partnerships. At Pitcairn, Joe grew the portfolio from $300 million to over $2 billion of assets under management.

Prior to joining Pitcairn Properties, Joe spent 17 years with CB Richard Ellis (CBRE) in its Philadelphia office, specializing in value-added real estate transactions. At CBRE, he acquired extensive national REO (real estate owned by banks after foreclosures) workout experience from servicing his institutional clients.

Joe is a graduate of St. Joseph’s University in Philadelphia.

Joe may be reached at JFox@shelbournecap.com


Joseph F. McElwee

Joe McElwee is a Co-Founding Partner of Shelbourne Healthcare, and has over 20 years of experience in the senior assisted living industry. He has worked for Cardinal Industries of Glen Burnie, MD, JS Hovnanian and Sons of Mount Laurel, NJ, and most recently was the Senior Vice President of Development for Sunrise Senior Living in McLean, VA.

Joe started with Sunrise in 1994. He began his career in the Philadelphia market and was responsible for developing Sunrise assisted living communities in the Philadelphia and New Jersey markets. He has also developed Sunrise communities in Detroit, Chicago, Dallas, Toronto, and Montreal. For the past two years, Joe was responsible for the Northeast/Midwest regions of Sunrise, which comprised over 50% of the nationwide Sunrise development pipeline. Joe managed development officers in Chicago, Detroit, Boston, Baltimore, and New York.

Joe was also responsible for managing the construction project managers and home opening managers in his region. Joe has been with the same team in Philadelphia for about 14 years. Together with his team, he has built over 90 Sunrise residences; also, Joe has managed the development officers in other regions who have built using the Sunrise model as well.

Joe has been a guest-lecturer at the Erickson School of Aging in Maryland and at Marquette University in Milwaukee. Additionally, Joe is currently serving as a trustee of St. Joseph’s Preparatory School in Philadelphia.

He is a graduate of Marquette University.

Joe may be reached at JMcElwee@shelbournecap.com


James W. Kane III

Jim is a Co-Founding Partner of Shelbourne Healthcare. He was formerly a Managing Director of Claret Capital, and was responsible for all capital origination in the U.S. for both real estate and private equity investments. Jim has over 23 years of experience in the financial services industry.

Prior to joining Claret, Jim worked for Lehman Brothers, Credit Suisse, and Dillon Read. At Lehman, Jim oversaw the mid-Atlantic region for the Wealth Management Group. At Credit Suisse, he headed the Middle Market Equity Sales team in Philadelphia. Over the course of his career, he has developed an extensive client base of high net worth individuals and small- to mid-sized institutions. His primary focus was equities and structured products. Jim has raised capital for companies in both the public and private markets through initial public offerings, secondary issuances and private placements. He also has experience with sourcing capital for fund managers and "funds of funds." Jim began his investment banking career in 1984 with Smith Barney.

Jim is a founder and former board member of Maverick Network Solutions. He is also a former trustee of St. Joseph’s Preparatory School in Philadelphia.

Jim received a BA in Economics from Fairfield University and an MBA from the Pennsylvania State University.

Jim may be reached at JKane@shelbournecap.com


James P. May

Jim is the Director of Construction for Shelbourne Healthcare. He was previously Vice President of Construction of Sunrise Development, Inc., a division of Sunrise Senior Living. Jim had been with Sunrise Senior Living in various capacities, including Senior Real Estate Director and Project Manager, since the firm went public in 1996. Over a 13-year period, he has been involved in Sunrise’s design, planning and/or construction of 90+ projects involving assisted living, independent living and senior-oriented condo projects throughout the United States and Canada. Jim was a lecturer in the Johns Hopkins and University of Maryland course on "Development of Seniors Housing & Care."

Prior to joining Sunrise, Jim held positions with national builders Turner Construction, Clark Construction, and others, completing museums, luxury condos, design/build prison and police precinct projects, and major office buildings in Washington DC, Boston, NYC, and Philadelphia.

Jim is a civil engineering graduate of Villanova University.

Jim may be reached at JMay@shelbournecap.com


Jason R. Ladavac

Jason Ladavac is a Director of Shelbourne Healthcare. He was formerly a Vice President of Claret Capital, with senior responsibility for real estate acquisitions and asset management. Jason has over 13 years of real estate and structured finance experience.

Before Claret, Jason was a member of the U.S. Fund Investment Management team at JER Partners in Washington, DC. At JER, he was involved in the sourcing, analysis, acquisition, and asset management of nearly $1 billion of commercial real estate investments across the United States.

Prior to joining JER, Jason served as a Vice President in the Asset Finance Group, a division of Citigroup’s Global Corporate and Investment Bank in New York City. He was a key member of a small team focused on the acquisition of U.S. real estate assets for European equity syndication, and was involved in the purchase of nearly $1 billion of trophy office properties. Before focusing on real estate, Jason was a specialist in structured financial products, with an emphasis on big-ticket leveraged leases for infrastructure projects, hydroelectric power plants, rail cars, and aircraft.

Before Citigroup, Jason was a Principal at the The Transportation Group (Capital) Limited (TTG) in London, UK and New York City. At TTG, a boutique structured finance and investment banking firm focused on the transportation sector, Jason held senior execution responsibility for the arranging and execution of cross-border leveraged leases for aircraft and rail portfolios.

Jason graduated from the Wharton School of the University of Pennsylvania.

Jason may be reached at JLadavac@shelbournecap.com

Shelbourne Capital
150 N. Radnor Chester Road, Suite A-220
Radnor, Pennsylvania 19087
610-229-9074
610-964-7609 Fax

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Mark T. Spiegel

Mark Spiegel is Co-Founder and President of Formation Development Group, a senior living development, consulting and investment company that is an affiliate of Formation Capital.

Previously Mark was the President of Argos Realty Partners, a senior living fee development consulting company, from 2004-2007. Argos developed over 20 senior living projects for Sunrise Senior Living.

Previously, Mark was one of the Co-Founders of EdenCare Senior Living Services in 1996 and served as its Chief Executive Officer and Chief Investment Officer. In 2003, Mark oversaw the sale of EdenCare to CNL Retirement, a REIT that was aligned with Sunrise Senior Living.

He has also held positions with Trammell Crow Realty Advisors in Dallas, the advisory arm of the Trammell Crow Company, and with Greystar Capital Partners in Houston (now based in Charleston, SC), an investor and developer of apartments and other real estate.

Mark graduated from Harvard University.

Mark may be reached at mspiegel@formationdev.com 

Jay Robinson

James (Jay) Robinson is Co-Founder and Executive Vice President of Formation Development Group.