At the heart of any successful collaboration is the willingness to listen and to meet partners where they are.
Several factors combine to create current opportunities in the seniors housing sector.
Growing demand. The “graying of America” is accelerating rapidly, driving demand for housing to accommodate the special needs of an aging population.
Fragmented market. A significant percentage of seniors housing is currently owned by sole proprietors or small companies who are limited in the efficiencies they can achieve. This makes it a sector ripe for consolidation that Care is uniquely positioned to capitalize on.
Industry talent. As the sector has matured, nimble and entrepreneurial regionally-based operators have emerged and achieved impressive results. We focus on a select group of these skilled regional operators and provide them with capital and expertise, enabling them to bring a more sophisticated and profitable management approach to a greater number of senior communities nationwide.
Economies of scale. As Care’s investment footprint grows, we help increase efficiencies and lower expenses across all of our properties. We believe this will be an essential ingredient to succeed in the future as seniors housing can be a lower cost alternative to either skilled nursing facilities or hospitals.
Care’s Approach: Unlocking Value
Many investors use the word partnership as a marketing slogan—for Care, it’s the concept that guides our investment approach. We recognize that Care needs the unique professional expertise and local market knowledge of our operating partners just as much as our operating partners need the capital and M&A expertise that Care provides. Care and its operating partners create interdependent collaborative platforms and leverage each other’s strengths and resources to unlock tremendous value.
At the heart of any successful partnership is the willingness to listen and align interests closely. Operators usually have several key areas of concern when considering external capital sources and partnerships.
Do potential investors understand my business? Care invests exclusively in seniors housing. It’s all we do. Our executives are respected experts and thought leaders in this socially important sector.
Do they share my values? Care’s investment decisions begin with identifying operating partners with earned reputations for a sense of social mission and a commitment to integrity, compassion, and respect for the dignity of every senior resident.
How will partnering with a capital provider impact my business? Some of our operating partners are skilled executives in the senior care profession that spend too much of their valuable time on acquisition and financing activities. With Care, they have a partner who speaks both their language and that of the investment community and acts as a bridge between these two worlds to help simplify complex acquisition and finance transactions. Care is valued for the flexibility, creativity, and skillful execution we use to bring all of these elements together. We want our operators to spend their time focused on what they do best: creating better experiences and opportunities for residents and staff.
Are they just out to make a quick profit? Care has a long-term investment horizon and therefore a long-term mindset. Unlike short-term capital that typically seeks a quick resale, Care seeks to build lasting value for each investment, with a possible resale or refinancing at the appropriate time.
Do they just want to cherry-pick my best properties? Care invests in both stabilized properties and value-add opportunities. When we find the right operating partner, Care is committed to being the investor of first resort.
Are they going to micromanage us? Care believes in putting clear and achievable goals into place via long-term management agreements and leases, and then leaving day-to-day operations in the hands of the operating partners we select.
Does taking external capital mean we forfeit any stake in the property? Care structures its investments based on the unique circumstances of each transaction and the goals of the partners. Along with triple net leases, we offer joint ventures and other structures to provide operators the ability to share in ownership and value creation. We believe close alignment of interest is a key ingredient to success.
Care’s leadership includes recognized experts in the seniors housing industry with a track record of execution and performance. The team brings decades of experience in various fields including real estate, finance, legal, accounting, and asset management. Care's leadership team is also actively involved in industry advocacy groups and frequently appear in publications, at conferences, and on industry panels.
Salvatore (“Torey”) Riso
President and chief
Michael S. Goldberg
Chief Investment Officer
Danielle M. DePalma
Vice President and General Counsel
Vice President, Asset Management
Chief Accounting Officer
Care is a wholly-owned subsidiary of Tiptree Inc. (NASDAQ: TIPT), a diversified holding company engaged through its consolidated subsidiaries in a number of businesses. Tiptree, which began operations in 2007, currently has subsidiaries in four industries: insurance and insurance services; specialty finance; asset management; and real estate.
Although now a private company wholly owned by Tiptree, Care was established in 2007 via a $225 million initial public offering by CIT Group. CIT Group remained the largest shareholder and CIT Healthcare acted as external manager until Tiptree acquired a 90 percent ownership interest in Care in 2010. Tiptree replaced CIT Healthcare with a team led by Care’s current CEO, Torey Riso. In July 2013, Tiptree and Care completed a business combination that left Tiptree as the public vehicle, and Care a wholly-owned subsidiary of Tiptree.
Following Tiptree’s acquisition in 2010, the Care management team made the strategic decision to focus exclusively on opportunities in the senior housing industry and to pursue a relationship-driven, operator-centric business model. Care evaluated its asset base accordingly to determine which investments were core to the new strategy and merited continued focus, and which were non-core and should be divested opportunistically. Over the succeeding months and years, Care was able to exit its legacy investments successfully and to focus on growing the portfolio under the new strategy. As of January 2017, that portfolio consisted of 31 properties in 12 states, with seven operating partners.
Today, Care is firmly established in its chosen niche and positioned for growth and Care has become a trusted capital source/investor for established and newly formed operators. (See “Operating Partners.”).
Care is also building a reputation as an attractive solution for large institutional investors who seek to enter the growing seniors housing market with an expert investor in the industry—but whose current platforms lack the capacity (or appetite) to source and manage multiple investments and relationships.
Care’s operating partners are a hand-picked, carefully curated group chosen for their integrity and their track record of driving high performing businesses. They value the expert counsel as well as the financial resources Care brings to the partnership.
New York (HQ), Iowa, Kansas, Missouri, Nebraska, New Hampshire, and Pennsylvania
Founded in 1990, Calamar is a vertically integrated, full service real estate organization comprised of four main operating groups: Development, Construction, Asset Management, and Finance & Investment. Calamar's senior apartments for 55+ residents offer a range of amenities and services in clean, picturesque, and centrally located properties. Calamar manages 17 communities in NY, IA, KS, MO, NE, NH, and PA.
Greenfield Senior Living, or "Greenfield" seeks to transform the experience of senior living, allowing its residents to lead full and enriching lives. Greenfield combines all the comforts of home with the services, accessibility, and expertise of highly trained staff who love what they do. Greenfield manages 19 properties in VA, PA, MD, NJ, TN and TX.
Heritage Senior Living, or "Heritage," develops, owns, operates and manages seniors housing communities throughout the Mid-Atlantic. Heritage believes in an engaged, hands on management philosophy and they are committed to offering affordable housing options and improving the quality of life for seniors. Heritage manages 15 seniors housing communities in PA, VA and NJ and a non-medical home health care company in PA.
Inspirit Senior Living, or "Inspirit," aims to identify under-capitalized communities and to modernize and professionalize them. Inspirit is committed to being a force of good in every community where it operates, creating good jobs, contributing to the local economy, and above all providing senior care that respects the dignity and gifts of every resident. Inspirit has a growing platform in the Mid-Atlantic and Southern US.
Premier Senior Living Group, LLC, or "Premier," strives to enhance the lives of seniors by providing a cozy, home-like atmosphere in either assisted living and/or memory care communities, with all the advantages of active living. Premier provides an organized and diversified program of individual and group activities along with its hospitality and health care services. Premier operates 25 communities in NY, OH, FL, NC, MI, WI and PA.
Royal Senior Care, or "Royal," has a multifaceted and experienced team that has been working together since its inception in 2002. Royal is a leader in all aspects of seniors housing, including development, acquisition, finance and management. Royal manages 10 senior housing communities in FL, GA, and SC.
Based in Clearwater, FL, Traditions Senior Management, or "Traditions," employs 50 people including executive level management, clinical oversight – both corporate and regional, finance, accounting, reimbursement, human resources and risk management. Traditions manages 26 senior housing facilities in 5 states.
Care Investment Trust LLC
780 Third Avenue (between 48th and 49th Streets) 22nd Floor, New York, NY 10017
212.446.1410 (t) 212.446.1409 (f)