Formation Development Group, LLC
The Senior Living Consulting and Development
Affiliate of Formation Capital
News
September 20, 2013

Formation-Shelbourne Senior Living Services recently opened its latest project, The Solana Roseland, in Roseland (Essex County), New Jersey.  The Solana Roseland is an assisted living and memory care community outside of New York City.



February 15, 2012

Formation-Shelbourne Senior Living Services recently opened its third joint project, The Solana Germantown in Germantown, Tennessee.  The Solana is a 183-unit independent living. assisted living and memory care community near Memphis.  The independent living is open for residents.  The assisted living and memory care will open shortly.  Formation-Shelbourne has additional projects under construction and development.
             
      

November 2, 2012

Formation-Shelbourne Senior Living Services recently opened its second joint project, The Solana Olney in Olney, Maryland.  The Solana is a 79-unit assisted living and memory care community in Montgomery County, outside Washington, DC.  Please see photos below.   Formation-Shelbourne has additional projects under construction and development.



         

         

    

June 2, 2012

Formation-Shelbourne Senior Living Services recently opened its first joint project, The Solana West County in Ballwin (St Louis), Missouri.  The Solana is an 87-unit assisted living and memory care community in the West County area of St Louis.  Please see photos below.   Formation-Shelbourne has additional projects under construction and development.

             

            

           

           

                             



March 29, 2012

Formation Development Group and The Carlyle Group Acquire

Atlanta Retirement Community

Leisure Care to manage The Renaissance on Peachtree; extensive renovation planned

(ATLANTA) March 27, 2012 — A joint venture between Atlanta-based Formation Development Group and an affiliate of Washington, DC-based The Carlyle Group announced today that it has acquired The Renaissance on Peachtree, a 15-story, 228-unit independent and assisted living community in the upscale Buckhead neighborhood of Atlanta, Georgia.

As part of the acquisition, the venture plans to spend approximately $7 million to renovate interior spaces within the building, which was originally constructed in 1987. Enhancements will include upgraded common areas and individual apartments, as well as new dining and entertainment venues, activity spaces and wellness facilities.

Seattle-based Leisure Care was hired by the venture to manage the property. The Renaissance on Peachtree is Leisure Care’s first retirement community in Georgia, and joins the company’s portfolio of 36 locations across North America.

"We are impressed with the level of service offered at The Renaissance on Peachtree, and look forward to creating a world-class retirement experience for the residents by instilling our culture of Five-Star Fun," says Leisure Care Senior Vice President Jason Childers. "This addition to the Leisure Care portfolio not only allows us to expand our services and programs to a new location, but builds on our great partnership with The Carlyle Group."

Formation Development Group, a senior housing development company with more than 14 years of experience owning and developing communities nationwide, is Carlyle’s partner in the community's redevelopment. "The Renaissance on Peachtree is a great community with great residents and staff. We’re excited to bring these improvements and enhancements to the residents and their families. We’re confident Leisure Care will help us make this the most exciting senior living community in the area," says Executive Vice President Mark Maberry.

This is The Carlyle Groups 30th investment in the senior housing sector since 2003. The company made the investment through its recently raised Carlyle Realty Partners VI fund. "We continue to have an interest in acquiring senior housing properties across the country, and in partnering with first-class partners like Formation and Leisure Care," says Carlyle Managing Director Thad Paul. "This property has all of the attributes that we look for: high barriers to entry location, renovation and repositioning upside, and at a discount to replacement cost."

Leisure Care will continue to offer The Renaissance on Peachtree’s full range of services including fine dining, concierge service and a fitness center. The company will also implement its signature programs including health and fitness program PrimeFit℠, Travel by Leisure Care℠, and Brain Fitness, which is designed to improve memory, attention and communication abilities.About Formation Development Group

Formation Development Group (FDG) is a senior living development, investment and consulting company based in Alpharetta, Georgia.   FDG is an affiliate of Formation Capital, a leading private investment management firm focused on seniors housing and health care investments.  The principals of FDG have extensive experience in the development, construction, acquisition, repositioning, operation, marketing, financing and asset management of a variety of senior living communities with an aggregate value of over $1 billion.  FDG currently has six senior living projects under construction with other investment partners. www.formationdevelopment.com

About The Carlyle GroupThe Carlyle Group is a global alternative asset manager with $107.6 billion of assets under management committed to 84 funds as of March 31, 2011. Carlyle invests across three segments — corporate private equity, real assets and global market strategies — in Africa, Asia, Australia, Europe, North America and South America, focusing on aerospace & defense, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services, telecommunications & media, and transportation. The Carlyle Group employs more than 990 people in 19 countries. Web: www.carlyle.com; Case Studies: www.carlylegroupcreatesvalue.com; Video: www.youtube.com/OneCarlyle. About Leisure Care

Leisure Care, LLC is one of the largest privately owned and most innovative operators of senior living communities in the United States and Canada. Its inventive ‘Five-Star Fun’ philosophy is changing the perception of senior living by providing amenities commonly associated with luxury hotels and which support healthy, active lifestyles. Dynamic programs and wellness-oriented offerings include: true restaurant dining; PrimeFit℠, an innovative health and fitness program with personal training options; Travel by Leisure Care, a full-service in-house travel agency; and Seniors Making Art™. Founded in 1976, Leisure Care operates over 35 retirement communities and nearly 5,000 units in the United States and Canada. For more information, please visit www.leisurecare.com.



February 3, 2012

Formation-Shelbourne Senior Living Services (FSSL), our venture with Shelbourne Capital, has broken ground on its 6th senior living project.

The Solana Roseland, New Jersey is an 85-unit assisted living and memory care community in this suburb of New York City.  FSSL closed on its construction loan and broke ground In January 2012.  
The project was designed by Perkins+Will of Dallas.   Interior design services are being provided by StudioSix5 of Austin, Texas.  The civil engineer is Dresdner Robin of Jersey City.  The general contractor is Wohlsen Construction of Lancaster, Pennsylvania.    The Solana will be managed by
Brookdale Senior Living
 



 
November 10, 2011

Formation-Shelbourne Senior Living Services (FSSL), our venture with Shelbourne Capital, has broken ground on 5 senior living projects in 2011.

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The Solana Germantown
, Tennessee is a 182-unit independent living, assisted living and memory care community in this suburb of Memphis.  FSSL closed on its construction loan and broke ground at the end of March.  The project was designed by
three Architecture of Dallas.  Interior design services are being provided by StudioSix5 of Austin, Texas.  The civil engineer is The Reaves Firm of Memphis.  The general contractor is Rogers Construction Company of Atlanta.  The Solana will be managed by Brookdale Senior Living.  

http://www.brookdaleliving.com/solana-germantown.aspx (please check out the construction cam)

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The Solana West County
is an 86-unit assisted living and memory care community in Ballwin, Missouri, a suburb of St Louis.  FSSL closed on its construction loan and broke ground in April.  The project was designed by
Perkins+Will of Dallas.  Interior design services are being provided by Faulkner Design Group of Dallas.  The civil engineer is Grimes Consulting, Inc of St Louis.  The general contractor is SM Wilson & Co of St Louis.  The Solana will be managed by Brookdale Senior Living.  

http://www.brookdaleliving.com/solana-west-county.aspx

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The Solana Olney is a 79-unit assisted living and memory care community in Olney, Maryland, a suburb of Washington, DC.  FSSL closed on its construction loan and broke ground in June.  The project was designed by
Perkins+Will of Dallas.  Interior design services are being provided by Mosaic Design Studio of Columbus, Ohio.  The civil engineer is Gutschick, Little & Weber of Burtonsville, Maryland.  The general contractor is Bozzuto Construction Company of Greenbelt, Maryland.  The Solana will be managed by Brookdale Senior Living

Website coming soon

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The Solana Vintage
Park is an 87-unit assisted living and memory care community in Houston, Texas.  FSSL closed on its construction loan and broke ground in October.  The project was designed by
Perkins+Will of Dallas.  Interior design services are being provided by StudioSix5 of Austin, Texas.  The civil engineer is Brown & Gay of Houston.  The general contractor is Spawglass of Houston.  The Solana will be managed by Brookdale Senior Living

Website coming soon

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The Solana Horsham
is a 75--unit assisted living and memory care community in Horsham, Pennsylvania, a suburb of Philadelphia.  FSSL closed on its construction loan and broke ground in November.  The project was designed by Beery Rio
of Springfield, Virginia.  Interior design services are being provided by Mosaic Design Studio of Columbus, Ohio.  The civil engineer is Woodrow & Associates of Lower Gwynedd, Pennsylvania.  The general contractor is Wohlsen Construction of Lancaster, Pennsylvania.  The Solana will be managed by
Brookdale Senior Living

Website coming soon
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Please see project renderings below.  We will be breaking ground on additional projects in the near future.  Please check back soon for more information.

 









January 27, 2011

Formation Development Group has recently completed the following senior living consulting assignments:
  • Programming and financial projections for a faith-based assisted living project in Atlanta
  • Site planning, market review and financial projections for a market rate independent and assisted living project north of Atlanta
  • Market, marketing plan and budget review for the lender on an independent living project south of Atlanta
  • Capital expenditure analysis and recommendations for the owner of 12 senior living projects in the eastern US

June 7, 2010

Formation Development Group is providing construction management and owner's representation services on a new skilled nursing facility in the Chicago area.  Construction period services are part of the overall development consulting services provided by FDG,  Please visit the "Services" page of this site for more information on how FDG can help with your senior living project.

May 1, 2010

Formation-Shelbourne Senior Living Services 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 Senior Living Services 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 28, 2009

The Solana at Cinco Ranch was featured in an article in National Real Estate Investor.
Please click here to see the article http://nreionline.com/seniorshousing/occupancy_uptick_1223/index.html

September 15, 2009

Formation-Shelbourne Senior Living Services, our new venture, 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 Senior Living Services, 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.

 

Formation-Shelbourne Senior Living Services was formed to capitalize on opportunities in the senior living market brought about by the dramatic slowdown in new projects. The company is developing 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 and Jim May, both 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. 

Joe McElwee, principal of Formation-Shelbourne Senior Living Services and former Senior Vice President of Development for Sunrise Senior Living, states: "We are excited to combine the experience and regional diversity of our two groups. Together, we offer significant senior living development and asset management expertise to our clients and investors in both the United States and Canada. Despite challenges in today’s economy, the senior living industry continues to offer exciting opportunities to investors, operators, and most importantly to the seniors who will call our communities their home."

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. As a focused and experienced underwriter and asset manager for senior housing and healthcare investing, Formation Capital has successfully developed a strategy of "alignment of interests" with both capital and operational partners in a unique and dynamic approach to investing.

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.  Shelbourne Capital leverages their relationships, knowledge, and experience across a broad spectrum of potential investments.  They have over 50 years of cumulative experience in real estate, and public/private capital markets. Through its extensive partner network, Shelbourne is able to source, structure, and finance transactions with the goal of achieving superior, risk-adjusted returns for its investors.

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5/5/08 - Formation Development Group Breaks Ground in Houston, Texas.  158 Unit Development to Bring Luxury Senior Living to Cinco Ranch in Katy, Texas. Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch.  When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston.   Formation Development Group says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents. 



The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch's Main Street-styled center of shops, boutiques, and restaurants.  It will offer 126 independent living and 32 assisted living rental apartments. 

Independent living accommodations will include one bedroom, one bedroom plus den and an extra half bath, and two bedroom two bath apartments. All independent living accommodations will include walk-in closets, high-end finishes, and full kitchens with granite countertops. Many will have studies or home offices, balconies or patios, and some will offer private courtyards, private garages or carports.

Assisted living residents can choose from studio, one and two bedroom apartments with kitchenettes.  Every apartment at The Solana at Cinco Ranch will be equipped with a wireless emergency call system, individual climate control, and television, phone, and data cabling.  In all, the community encompasses 183,000 square feet; it will be a combination four-story and two-story structure.

"As important as its attractive physical design is the spectrum of included amenities and services that each resident will receive," said Mark Spiegel, president of Formation Development Group, which has developed a variety of senior living communities nationwide. 

"We've designed The Solana at Cinco Ranch lifestyle to complement what Cinco Ranch is all about," Spiegel said.  "We've paid close attention to incorporating special features that we know are important to today's seniors and their families." 

Cuisine will be chef-prepared and dining venues will range from The Signature, a high-end restaurant-style dining room, to a cafe and wine bar, patio dining, and a club room with billiards, large screen televisions and an outdoor terrace.  A cyber center, high-speed internet, theater, woodworking shop, art studio, Wii video game center, and concierge services and security are among the community's many amenities.

 


Health, fitness, and activity programs are also a major focus.  Wellness programming will be overseen by a Registered Nurse and the community will offer a fitness center, a wellness and therapy center, a spa with massage therapy, and landscaped courtyards featuring an easy-entry heated pool, a putting green, and a bocce court.



Luxury sedan and community bus transportation services will be available to residents, along with transportation by golf cart to shopping, dining and entertainment at LaCenterra.

Spiegel says market research shows strong demand for the kind of luxury senior living that The Solana at Cinco Ranch will offer.  "Many Cinco Ranch residents wish to remain here in retirement while continuing to enjoy the upscale, convenient way of life that's emblematic of Cinco Ranch as a whole," he said.  "In addition, a number of people who live in Cinco Ranch are interested in having their parents relocate near them and they want to be sure their parents experience the Cinco Ranch lifestyle, too.  We're very proud to fulfill these needs."

Monthly rents will start at $2,795 for independent living and $3,995 for assisted living.  The community is scheduled to open in October, 2009.  For more leasing information or other details, call (281) 395-9600 or visit www.thesolana.com

 

 

  The Solana at Cinco Ranch will be managed by The Arbor Company, an Atlanta-based firm with more than two decades of experience in managing senior living residences.  The general contractor is Spawglass Construction Corp of Houston.  Architectural services are provided by three Architecture of Dallas, and the interior designer is StudioSIX5 of Austin, Texas.

 

  The Solana at Cinco Ranch is the first project in a new joint venture relationship between Formation Development Group of Alpharetta, Georgia and a US-based institutional investment firm.  The equity firm, along with Formation Capital and the principals of Formation Development Group, have committed $56 million of equity to the program.