NEW YORK CITY—NorthStar Healthcare Income Inc., the non-traded REIT sponsored by NorthStar Asset Management Group, has promoted Ronald J. Jeanneault to president and CEO. He's succeeding James Flaherty, formerly chairman and CEO of HCP and now elected vice chairman of the board.
Jeanneault previously served as EVP and head of asset management of both NorthStar Healthcare and the healthcare investment division of NorthStar Realty Finance Corp. since March 2012. He has been responsible for the overall management of NorthStar's healthcare real estate investment portfolio, which has grown from $559 million in 2012 to more than $6.3 billion today, including assets under contract. A big part of that portfolio will come into the NorthStar Healthcare fold when this summer's acquisition of Griffin-American Healthcare REIT II closes.
Jeanneault, says executive chairman Daniel R. Gilbert, has been “instrumental in the success of the company and in executing its business plan. Ron's reputation and background in the healthcare industry are best in class and he brings to this role the experience and discipline that will allow the Company to continue to thrive under his leadership.” For nearly 13 years before joining NorthStar, Jeanneault served in various positions with Sunrise Senior Living.
The past few weeks have been active in the healthcare space for the NorthStar group of companies. Last week, GlobeSt.com reported that NorthStar Asset Management had acquired a 47% stake in American Healthcare Investors. As a result of this partnership, AHI will maintain management of the $4-billion Griffin-American II portfolio after it merges with NorthStar Realty Finance and will also manage most of the NorthStar healthcare real estate portfolio that is not composed of the Griffin-American assets.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
