Joseph Grace has spent the past eighteen years working in the senior housing industry participating in the design, development, construction and business planning for over 800 assisted living units in the state of Florida. The following is brief overview of that experience.
1995 – Sterling Senior Services
In 1995, Grace teamed up with Jim Soper, a Canadian developer and the owner of a 31--‐room assisted living facility known as Carriage Inn located at Bay Pines Boulevard, St. Petersburg, Florida. Relying on his years of experience, Grace was the key factors in turning the 31--‐room facility into an 82--‐room facility by increase it with two additional phases, 15 and 36 rooms each. The final product was a combination of assisted living rooms and Alzheimer’s facility. By 1996 the 82--‐room facility has achieved a stabilized occupancy under the management company of Sterling Senior Services.
1996 – Sterling Senior Services Grows And Sells Assets
In 1996 a strategic plan to grow the company was created which included the sale of existing assets and the creation of Limited Partnership structure for raising private equity. Mr. Grace took the lead in this effort, successfully raising the required capital to fund future growth. A second site was purchased in the Clearwater, Florida area where a 78--‐room assisted living facility was to be constructed. Before construction was started, Mr. Grace facilitated the sale of both the existing 82 room facility and the proposed 78 room facility to a Canadian Senior Housing company, a subsidiary of Central Park Lodges of Ontario, Canada. The result of the sales of both properties, was the dissolving of Sterling Senior Services
1997– Autumn Care Management
With the sale of previous assets and the recruitment of new limited partner investors, the name of the management company was changes to Autumn Care Management. The initial target market for new expansion was Sarasota, Florida. Mr. Grace packaged the acquisition of three separate parcels to create a 4 acre development site located at the corner of Fruitville Road and Lockwood Ridge Road about 2 miles east of downtown Sarasota. A new 83--‐room facility was designed and permitted during the balance of the year.
1998 – Autumn Care Opens 83 Room Facility In Sarasota, Florida
Construction on the new facility began in January 1998 and was completed in December 1998. The facility was completed on time and on budget. The new facility was named Heron House Assisted Living Facility. NOTE: Originally the building was designed to have 62 assisted living rooms and 21 separate Alzheimer rooms in a separate secure wing. However, as construction came to an end, a non--‐ profit organization purchased a closed hospital with plans to open a large Alzheimer facility within one mile of Heron House. Responding to this fact, a decision was made to abandon the Alzheimer and convert them into assisted living rooms. This decision proved to be a winner. The entire wing of smaller (180 square feet to 260 square feet) rooms rented out within 8 weeks of being made available. During 1998 a second Sarasota site was purchased on Cattlemen Road; approximately 6 miles from the Fruitville Road site. Taking the success and rapid lease up experienced byv converting the Alzheimer rooms to assisted living rooms a sister facility was designed to be complementary to the original Heron House in both room sizes and room rates. The plan was to have both facilities be seen as “one facility” located at two addresses.
1999 – Autumn Care Leases Up 83 Room Facility And Builds New 112 Room Facility In Sarasota, Florida
From the beginning there was immediate market acceptance of the concept of the Heron House at Fruitville Road that emphasized private rooms and baths for the private pay resident. The83 room facility was completed leased up within 10 months of opening. The facility was completed on time and within budget. The new facility was named Heron East.
2000 – Autumn Care Leases Up 112 Room Facility In Sarasota, Florida
The new facility called Heron East was 112--‐rooms within a46,000 square feet gross building area. In comparison, the original 83 room facility was 48,000 square feet gross building area. This was an experiment in testing the market to see how small the private room private bath concept could be pushed. The rooms at Heron East were modeled after the smaller rooms originally designed for Alzheimer residents at the 83 room Heron House on Fruitville Road. However, the experiment proved successful with all rooms leased up within 13 months of opening.
2001 – Autumn Care Joins With Herbert J. Sims To Free Equity For Growth
With the success of the first two facilities in Sarasota; Heron House began to be approached by some major players in the senior housing industry. Mr. Grace began conversations with the industry leader Herbert J. Sims Company to explore how they might form a “joint venture” to create additional equity for continued growth. After several months of courtship (working primarily with Jeffrey Sands and Bill Sims) Herbert J. Sims Company formed two new LLC’s with their “retail investors” to purchase the facilities in Sarasota. The acquisition price of these facilities at that time calculated to approximately 4 times Gross Rent Multiplier. Heron House retained an option to repurchase the properties at a predetermined price calculation no sooner than 3 years and no later than 6 years later. The acquisition of the 83 room facility was completed in November 2001. New opportunities were constantly being sought by Mr. Grace; specifically a site in Fort Myers, Florida was identified and, thus, became the next step in the expansion of the Heron House business plan. Mr. Grace negotiated the sale of the 4 acres for the purpose of developing a new 120 room Heron House assisted living facility.
2002 – Autumn Care Leases Up 112 Room Facility In Sarasota, Florida
The acquisition of the 112 room facility by HJ Sims Company was completed in March 2002; and, construction on the new 120 room facility in Fort Myers began in April 2002. It was completed by July 2003 and featured the new design concepts that implemented the optimum number of rooms and design features. Construction on the new facility combined with continued operations in the two Sarasota facilities were the primary focus of energy throughout the year. However, Mr. Grace continued to search for the next opportunity, finding the perfect site in Naples, Florida located directly on U.S. 41 (Tamiami Trail). The limited partner structure of the company began to outlive its usefulness as plans to expand were complicated by having to continually raise more equity. This resulted in an arduous process that was time consuming and a distraction of the actual work that needed to be accomplished. Mr. Grace introduced the Heron House story and track record to Mr. R. Tom Chapman who took an immediate interest in becoming involved financially. Over the next couple of months, a new partnership was created and an exit strategy for the existing partners was implemented. Mr. Grace was President of the company and took an active role in daily decisions.
2003 – Heron House Mgmt Replaces Autumn Care And Open Ft Myers
With the new partnership in place, the name Heron House Management replaces Autumn Care as the management company. With the construction of the Fort Myers completed and lease up beginning, the focus for new growth turned to Naples. Grace orchestrated the new partnership’s acquisition of the Naples site, which was permitted in April 2003 with construction beginning immediately. Construction was completed in July 2004. The first residents officially moved in August 2004. Fort Myers Heron House starting lease up in the summer of 2003 and continued at a good pace through the rest of the year.
2004 –With Naples Opened Heron House Management Runs 442 Total Rooms
With the opening of Naples in the summer of 2004, Heron House Management had grown to a total of 442 rooms under management. During the latter part of 2004, Mr. Grace found a site suitable for the next assisted living facility located in Largo, Florida. The site was resold to First Baptist Church of Indian Rocks and developed by the Grace team with a 128 room assisted living facility that is currently owned by the church’s 501--‐c--‐3 (IRAL – Indian Rocks Assisted Living).
2005 –Heron House Management Hires New Regional Director
With the company growing, Mr. Grace began to identify new talent to fill the needs of a larger and larger management responsibility. In 2005, Paul Newman was hired to become Regional Director of Operations for the company. Mr. Newman had just completed the task of turning around a troubled portfolio for a large institutional investor (Hyatt Corporation) that were 30% occupied when purchased by systematically: recruitment of highly qualified staff; and, implementing policies and procedures that he had developed over his lengthy career. All the properties under Newman’s management achieved a 94% occupancy. Mr. Grace seized on the opportunity to bring Mr. Newman on board at Heron House in September 2005 and quickly started the process of hiring high quality professionals at every staff position and writing the policy and procedures for the company.
New Church Facility Developed
The new facility designed and developed for the church owned 501--‐c--‐3 began construction and continued throughout the rest of the year. The facility opened in April 2006 as Heron House as a 128 room assisted living facility. Lease up moved briskly and Mr. Grace started working with the church administrator to begin the process of refinancing the conventional construction loan with tax exempt financing. Tax exempt financing was completed at the end of 2006.
2007 –Company Sells Off Assets
By mutual consent and due to the strong seller’s market, the partnership determined to liquidate their interests. This has resulted in the sale of the Sarasota facilities (under joint venture agreement with HJ Sims) to Royal Senior Care and the sale of the Fort Myers and Naples facilities to Prudential Real Estate Investors. The management company was reformulated as Southern Senior Living LLC (“SSL”) and the ownership comprised of Mr. Chapman and Mr. Grace along with a working partnership with the CPA firm of Gregory, Sharer & Stuart PS for purpose of providing monthly, quarterly and annual financial reviews. Mr. Grace has now branched off to start a new company utilizing the long established EB5 investor funding program to create new senior housing facilities throughout Florida. With sites that have site plan approvals in amps, Clearwater and Orlando, the new company looks to continue its successful track record through a new team of experienced professionals.
Better Senior Living Consulting was founded by Lynn Anderson in 2006. Ms. Anderson is a Managing Member and added Ms. Lizaida Rojas as a Managing Member in 2007. Ms. Anderson had been involved in the HealthCare Industry since arriving in Florida from Michigan in 1983. Ms. Anderson’s involvement was in both Nursing Homes and Assisted Living Facilities but a much stronger emphasis in Assisted Living Facilities. Ms. Anderson has worn many hats; she has been a Controller, CFO, Administrator, Executive Director, Regional Director and now an Owner/Operator of 8 Assisted Living Facilities in the State of Florida. Ms. Anderson has a BA degree from Michigan State University and a MBA from Nova University. Ms. Anderson and Ms. Rojas both had experience in North Carolina Adult Group Homes while working for a privately owned company before the creation of their own company. Ms. Anderson was the CFO of that company and Ms. Rojas was the Billing Manager. Ms. Rojas has been involved in Assisted Living Facilities since 1994 where she started as a member of the wait staff; she then became a Certified Nursing Assistant, Med Tech, Rehab Tech, Billing Specialist, A/R specialist and ultimately an Owner/Operator of Better Senior Living Consulting. An additional member of their team is Alberta Grainger who once ran the Assisted Living Unit for ACHA which is the State regulatory agency that oversees the operations of all Assisted Living Facilities in the State of Florida. Ms. Grainger held this job for 13 years until she retired. As with all of us you never retire from healthcare. Ms. Grainger is a Director for the Florida Assisted Living Association where she conducts training for staff and new Administrators to certify them as Administrators under the Florida State Statutes. Better Senior Living Consulting has built a strong reputation with ACHA, the State agency that regulates Assisted Living Facilities and has been asked numerous times to help out facilities that are in trouble. Currently they manage 7 facilities throughout the State of Florida and are consulting with two others. The total number of beds that they currently manage is 451. Better Senior Living Consulting is continuing to grow and anticipate adding at minimum 300 beds over the next two years. The services that they provide include, but are not limited to, overall review of operations, financial preparation, supervision of staff, compliance with all regulatory agencies governing the operations of Assisted Living Facilities, staff management, preparation for State surveys and preparation work for CHOW application regarding change of ownership.
Bradley Bowen, a Florida Certified General Contractor, has spent 20 years making his mark as a leader in the Commercial and Residential real estate, construction and development industry. After earning a Bachelors Degree in Building Construction from Georgia Southern University, and a three year effort with the NFL, Bowen went on to start his journey in the industry. Bowen’s alignment with Joseph Grace Southern Senior brings a proven track record of successful projects throughout the nation ranging from residential housing and commercial developments to a $75 million Kraft Food Distribution Center. In addition, to Bowen’s leadership collaborating with Mr. Grace, Bowen is also the Founder and CEO of Bradley Bowen Construction, Inc. and Bradley Bowen Development, Inc. The two latter companies, along with their strategic partnership with Powers Design, a regional architectural powerhouse, have been successful in the development and construction of numerous projects. Bowen has achieved success by creating all his developments with the highest standards in land planning, architectural design, landscape architecture and intelligent construction. Currently, Bowen is keeping busy with several notable projects, including:
- Corso Town N Country – Tampa, Florida
- Corso Clearwater – Clearwater, Florida
- Corso Orlando – Orlando, Florida
Education: Georgia Southern University ’87 Bachelors of Technology (Building Construction), Statesboro, Georgia; Continuing Education – Construction Industry Licensing Board; and, Continuing Education --‐ Real Estate & Finance
LICENSES: State of Florida Certified General Contractor; and, State of Florida Qualifying Agent
SUMMARY OF QUALIFICATIONS
Has extensive experience in all facets of the Development and Commercial & Residential Construction industries. His experience ranges from Field Engineering on the commercial construction site, to Chief Executive Officer in both the Development and Commercial Construction industry. He has acquired comprehensive experience and accomplishments in *leadership *management *implementation of projects *strategic planning *creative problem solving *market analysis *project feasibility *highest and best uses of land *debt equity and partnership structures *land acquisitions *due diligence *site planning *conceptual estimating *value engineering *hard and soft cost estimating *conceptual and final budgeting *job cost accounting *cost control *professional/design service contracts *zoning and entitlements*scheduling *mst building assembly types *principles, procedures and practices of construction *local and national building codes *permitting *wetland mitigation *subcontracting *staffing and training
Bradley Bowen Development, Inc. (2006 – Currently) – Founder and Chief Executive officer of this real estate development company. In association with Senior Housing management firms this company has focused its future on developing Seniors Housing projects nationally in key retirement destination areas in Texas and throughout the Southeast region of the U.S. BBD services range from Site evaluations, through land negotiations, Schematic Design of the facility to Construction Contracting and completion.
Bradley Bowen Development, Inc. (2002 – 06) – Founder and Chief Executive Officer of this Real Estate Development and Consulting firm. In association with an award winning architectural firm, Powers Design Architects, Bradley Bowen Development consulted and administered partnerships selling and developing luxury waterfront properties, commercial office and retail projects in N.E. Florida
Bradley Bowen Construction, Inc. (1998 – currently) – Founder and Chief Executive Officer of this Commercial and Residential Construction Company. Contracting commercial construction and management services in the Industrial, Commercial Office & Interiors, Retail, Restaurant, and Custom Home markets.
Elkins Constructors, Inc. (1996 – 98) – Commercial Office Interiors Division. Responsible for the start up of this division, operations, management and supervision of this division in conjunction with the Company’s implementation of a contract to build 1,000,000 sq.ft. of Commercial Office space. All inclusive responsibilities including client relations, client contract negotiations, design management to on--‐time delivery.
Elkins Constructors, Inc. (1995 – 98) – Project Management, pre--‐construction services, conceptual estimating, competitive bidding, construction supervision, subcontracting, cost control, project development.
The Stellar Group, Inc. (1993 – 95) --‐ Project Superintendant responsible for all on site activities, scheduling, subcontractor coordination, client relations, managing construction budget, subcontract review and scope of work, shop drawing approvals, government inspections, safety programs implementation, and documenting “as--‐built” information.
The Stellar Group, Inc. (1990 – 93) – Field Engineering including the survey of the building foot print and interior structure layout, supervision of carpenter crews, coordination of deliveries, implementing the construction schedule, coordinating field operations, inspections, concrete pours, steel or framing erection, reporting daily progress, concrete testing, geotechnical testing, punch lists, and safety meetings.