Cobb had previously been with GE Healthcare Financial Services for 10 years. Most recently, Cobb had served as senior managing director of the real estate finance division for the GE firm, during which time the company's portfolio grew from $1.5 billion to more than $9 billion. He says he has known Kaplan for a number of years and worked with him three to four years ago when GE and Senior Lifestyle "did a large transaction together."

Senior Lifestyle has a portfolio of 71 properties across the country, Cobb says. In his new duties, Cobb will initially focus on growth initiatives and strategic planning. He says he does not have figures yet for how much the company plans to grow but it could possibly grow 10% to 15%. "Seven to 10 buildings a year is not out of the range. I am not sure that would be our goal, but it might be," Cobb says. "Growth is not the hard part," he says, adding that the hard part is having controlled and sustained growth in addition to ensuring the company first has the platform and staff in place.