Welltower Inc. (NYSE: HCN) ended 2017 with a few new additions.
Specifically, the Toledo, Ohio-based real estate investment trust (REIT) announced on Wednesday a new addition to its executive team, as well as a new investor in its planned midtown Manhattan senior living development.
Mark Shaver is set to join Welltower as the REIT’s senior vice president, strategy, on Jan. 3. Shaver most recently served as vice president of business development and strategic alliances at Baltimore, Maryland-based Johns Hopkins Medicine, an institution with which Welltower has an ongoing partnership.
“Mark brings over 20 years of experience driving strategic initiatives for one of the world’s leading health systems and will work across the Welltower platform to drive collaboration with health systems, heath care services providers, payors and technology companies,” Welltower CEO Thomas DeRosa said in a press release.
Additionally, Welltower, in partnership with international real estate firm Hines, recently closed with a major institutional investor on a limited partnership interest for the development site of The Welltower in Manhattan.
The 125,000-square-foot, 15-story assisted living and memory care building, once it’s completed in late 2019, will be operated by Sunrise Senior Living, and will reportedly charge residents about $20,000 per month.
“This represents the first time a major investor of this type has invested in the development of an urban senior living building along with a world class real estate developer and a health care REIT,” DeRosa said. “This further indicates that health care real estate is becoming the next core, institutional asset class.”
Written by Mary Kate Nelson