Aspen eBrochure - The Aspen Group
Transcription
Aspen eBrochure - The Aspen Group
TABLE OF CONTENTS 1. Company Profile 2. Partners Resumes 3. Description of Services 4. Client List 5. Project Fact Sheets / News Releases 1. COMPANY PROFILE COMPANY PROFILE THE ASPEN GROUP is a full-service real estate advisory company specializing in creating value for our institutional, healthcare, and non-profit clients by providing sophisticated and comprehensive solutions to their distinct real estate needs. Founded in 1992, our strength is a tradition of pursuing the highest professional standards and sensitivity to the particular requirements of each client. Teamwork is an essential component of our philosophy. The partners in Aspen have over seventy-five (75) years of combined experience in all facets of real estate development, across a broad range of product types, and through the volatile cycles of the development business. We are a wellcapitalized, mid-sized firm directed by three active partners and a qualified support team. Our business philosophy is best described as service-oriented, entrepreneurial, nimble, and innovative. TWO BUSINESS MODELS: PROJECT M ANAGEMENT AND FEE-BASED ADVISORY SERVICES For third parties generally in the institutional, healthcare, and non-profit sectors, the scope of these services is summarized below: Turnkey facility development; Project management / Owner’s representation (see below); Acquisition/disposition strategies; Detailed/complex financial analysis; Financing advisory services. Asset Valuations Long-range real estate strategic planning With respect to Project Management / Owner’s Representation services, Aspen provides a “single point of responsibility” for all aspects of the project. Our mission is to ensure that our client’s needs are met during all project phases – i.e. site selection, planning, zoning approvals, design, construction, financing, and occupancy. Quarterback entire project; Organize project team (architect, engineers, construction manager); Obtain all necessary local and state approvals; 1 COMPANY PROFILE (CONTINUED) Project Management / Owner’s Representation (continued): Direct the project team to develop plans/specifications and construction cost estimates; Direct value engineering process; Direct the construction process to produce the highest quality project at the lowest cost; Manage the procurement of Owner Items and FF+E; Manage client’s occupancy of the project; Analyze ownership options; Assist in the structuring and obtaining financing. Aspen’s long history of undertaking At-Risk Development (see below), supplements our focus to bring an “Owner’s Mentality” to the process to persistently “maximize the interests” of our Clients through all phases of the project. AT-RISK DEVELOPMENT SERVICES FOR ASPEN’S OWN ACCOUNT Here, Aspen acquires land and/or structures for its own account via market-based approach or via note acquisitions. While the firm maintains specific geographic and use/product targets (refocused as necessary to respond to changing market conditions), ultimately our goal is to find undeveloped or semi-developed properties with unique environmental, site, or zoning conditions. In those situations, we bring the depth of our professional and academic experience to bear and devise a plan that integrates an exploration of alternative uses, a finer understanding of site and environmental conditions and their resolution, and strong legal and political ties to achieve our programmatic goals while maintaining an acute awareness of the realities of the marketplace. THE ASPEN GROUP was founded on the concept that institutions and nonprofits have unique real estate needs. To assist in addressing these needs, Aspen provides the focus and creativity to identify sophisticated and comprehensive real estate solutions necessary to create value and produce measurable results for our clients and investors. 2 2. PARTNERS RESUMES BRIAN KELLEHER PRESIDENT / SENIOR PROJECT MANAGER EDUCATION The University of Massachusetts at Amherst – BS, Mathematics Northeastern University - MBA LICENSES AND AFFILIATIONS Licensed Real Estate Broker, Massachusetts Real Estate Finance Association, Massachusetts Thundermist Community Health Center, Foundation Board PROFILE Brian co-founded The Aspen Group in 1992, after many years in the real estate development and advisory business. He focuses on providing fee development services to a range of institutional and non-profit clients throughout New England. Prior to Aspen’s inception, Brian was a partner with The Linpro Company – a national real estate development and management firm. He was actively involved in the development and management of over one million square feet of commercial/ residential space while at Linpro. NOTABLE PROJECTS Modern Theatre & Dormitory Complex, Suffolk University, Boston, MA Clerk-of-the-Works for redevelopment of 100 year old building into a theatre and dormitory. One Technology Drive, Westborough, MA Development management for a 60,000 sf speculative office building. Dunkin’ Donuts Distribution Center, Franklin, MA Development management for a 134,000 sf regional distribution/office facility. Geriatric Authority of Milford, Milford, MA Project management of renovation and expansion of 85 bed skilled nursing facility. Thundermist Community Health Center, Woonsocket, RI Turnkey project management of a 45,000 sf community health center. Home & Hospice Care of Rhode Island, Providence, RI Project management of renovation and addition into 50,000 sf state of the art facility. Heritage Assisted Living and Alzheimers Center, Framingham, MA Project management of renovation and addition to long term care facility. The Boston Home, Dorchester, MA Project Management for renovation of specialty facility for multiple sclerosis patients. Goddard House Nursing Home, Jamaica Plain, MA Project management and addition to a 125 bed skilled nursing facility. RANDY LILLY CONSTRUCTION AND ARCHITECTURE EDUCATION University of Michigan – BS, Architecture University of Michigan – MA, Architecture PROFESSIONAL EXPERIENCE 1992 – Present – Co-founder and Partner, The Aspen Group 1977 – 1981 – Architect, Bull Field Volkman & Stockwell Architect, Skidmore Ownings & Merrill PROFILE Mr. Lilly graduated from the University of Michigan with a Bachelor of Science Degree in Architecture in 1975 and a Master’s Degree in Architecture in 1977. From 1977 to 1981, Mr. Lilly worked as an architect in San Francisco for Bull Field Volkman & Stockwell and for Skidmore Owings & Merrill on major high-rise office buildings, multi-family housing and suburban office parks. Mr. Lilly has been active in the construction industry since 1981 and is a co-founder of The Aspen Group and an active partner in all of its development projects. Randy also participated in: Securing approvals for the Home Depot site in Somerville, MA; Development of the 325-unit multi-family Brickett Hill Estates in Haverhill, MA; Securing approvals for a 250,000 square foot office complex in Sharon, MA; Development of a 100-unit single-family subdivision in Haverhill, MA. Development and management of 88,000 square foot office building in North Reading, MA; Development and management of 40,000 square foot office building in North Reading, MA; Riverbend Apartments – securing approvals for 252-unit apartment complex in Woonsocket, RI; Securing approvals for $20 million, 66 unit project in the Mission Hill section of Boston; Development of 60,000 square foot first class office building in Westborough, MA. 3. DESCRIPTION OF SERVICES DESCRIPTION OF SERVICES MISSION STATEMENT “To assist our clients to secure superior facilities by providing comprehensive and innovative solutions to their specialized real estate needs”. ASPEN SERVICES: STRATEGIC FACILITY ACTION PLAN: For existing owned/leased facilities together with anticipated future real estate needs, Aspen will develop a Strategic Facilities Action Plan that comprehensively evaluates current and projected space needs, and provides a detailed action plan focused on maximizing utilization and productivity while increasing revenues and reducing overhead costs. FEASIBILITY ANALYSIS: For new projects being considered, Aspen will prepare a comprehensive feasibility analysis to test viability prior to expending significant costs. The feasibility report will evaluate preliminary schematic design, estimated project costs, proforma income and expense, market/leasing potential, and a critique of regulatory, zoning, and financial risks. The feasibility study will be prepared in a professional and comprehensive manner for presentation to senior management, board of directors, and financial partners. PROPERTY EVALUATION REPORT: For properties considered for acquisition, Aspen will prepare a comprehensive Property Evaluation Report relating to land and/or existing facilities with a focus on analyzing all property acquisition and use issues including environmental, zoning, easements/ encumbrances, handicapped compliance, wetlands, parking, building density potential, structural and building systems evaluation, expansion capability for existing facilities, etc. 1 DESCRIPTION OF SERVICES (CONTINUED) SITE SELECTION / ACQUISITION: Our focus is to undertake a comprehensive canvassing of potential sites within a specific geographic area to insure maximum coverage of available properties and to create a highly competitive purchasing process in favor of the Client. Oftentimes, this approach will uncover sites previously ‘not on the market’; thereby, increasing selection opportunities and negotiation leverage. We strive to identify sites that have the zoning, utility availability, physical characteristics and locational elements that are compatible with the Client’s marketing, operational and capital budget requirements. SITE EVALUATION: For specific sites, we are extremely adept at evaluating site development issues that can significantly impact a project’s costs and development risks. We understand issues such as hazardous materials, wetlands, subsurface ledge, drainage requirements, utility availability, cutting and filling requirements, etc., and know how to study these items in the most cost effective manner. The potential “hidden costs” associated with these site issues can be significant if not properly evaluated and factored into the initial site design. Additionally, we have the experience to plan cost effective solutions that mitigate excessive design criteria, thus reducing our Client’s development costs. ZONING / PERMITTING: We are responsible for processing all state and local permits/approvals and, as such, interact closely with local zoning officials to create an efficient process that saves time and minimizes costs. We meet early on with the local zoning officer to secure a complete understanding of the permitting process, and strive to plan the project to be consistent with “as of right” zoning regulations; thereby minimizing the need for costly and time consuming variances, special permits, etc. We also focus on an ‘incremental approach’ to the approval process which minimizes pre-development costs/risks by only committing funds for architectural and engineering plans which are absolutely necessary, at a specific point in the process, to secure the required unconditional zoning approval. 2 DESCRIPTION OF SERVICES (CONTINUED) PROJECT TEAM SELECTION & CONTRACT NEGOTIATION: We assist our Clients in the selection of the project team members including architect, interior designer, engineers, contractor, etc. Our approach is to identify professionals with direct experience consistent in complexity and scale with the project at hand, and create a competitive process to secure favorable pricing. We also assist in the negotiation of the contracts, in conjunction with the Client’s attorney, generally resulting in substantial cost savings. PROJECT PLANNING: We create a planning process that challenges all major project team decisions to insure that the Client secures the highest quality facility at the lowest possible cost. We have the experience to ask the tough questions, foster a healthy interaction that feeds off the collective expertise of the project team, and generate the information necessary to make sound business decisions throughout the planning of the project. PROJECT BUDGETING: We prepare detailed project budgets, including all soft and hard costs, to assist the Client to establish, early on, a comprehensive budget and related scope that is consistent with the Client’s overall financial vision of the project. These conceptual budgets set the framework for the project and provide a reference point to measure budget adherence as the project scope is more fully defined during the design and pricing phases. LICENSING REQUIREMENTS: We work in conjunction with the Client’s Licensing Consultant to generate the documents required for certification. We are experienced in the Certificate of Need process and understand the type and extent of documentation required. Our involvement generally results in a more timely process and reduced filing preparation costs. 3 DESCRIPTION OF SERVICES (CONTINUED) FINANCING: We assist in the generation of proformas and financing memorandums required for lenders and investors, as well as assist in the negotiation of loan documents, and in the timely processing of loan closings. PROJECT MANAGEMENT: We act as the Client’s representative throughout project construction, which allows a smooth transition from the planning to the construction phase, provides a constant point of reference to minimize misunderstandings and change orders, fosters a team approach to generate meaningful value engineering/cost saving ideas, and focuses on completing the construction in the most timely and cost effective manner (i.e. on time and on budget). MARKETING SUPPORT: For projects that require pre-leasing commitments in order to proceed, Aspen will direct the leasing/marketing effort in order to secure an early indication of tenant interest in the project. We will also prepare and negotiate Letters of Intent and Lease Agreements with respect to this effort. Aspen also provides management of the marketing and leasing/ subleasing efforts, as well as undertaking complete responsibility for implementing disposition plans for maximizing the sales value of facilities to be sold. LEED CERTIFICATION: Aspen has experience in managing projects that have secured LEED Certification; including two projects with “gold” designation as well as the first healthcare facility in Rhode Island to secure LEED Certification. We assemble the appropriate LEED consultants and manage the design and construction phases to maximize the opportunity to secure the highest possible LEED designation in the most cost effective manner. 4 4. CLIENT LIST CLIENT LIST HEALTHCARE: American Renal Associates (Danvers, MA) Artificial Kidney Centers of Rhode Island (Multiple Locations) Bradley Hospital (East Providence, RI) Fresenius Medical Care (Somersworth, NH) Home and Hospice Care of Rhode Island (Providence, RI) Henrietta Goodall Hospital (Sanford, ME) Jordan Hospital (Plymouth, MA) Landmark Medical Center (Woonsocket, RI) Lifespan Health System (Providence, RI) Miriam Hospital (Providence, RI) New London Hospital (New London, NH) Rhode Island Blood Center (Providence, RI) Saint Mary’s Hospital (Waterbury, CT) Saint Raphael Healthcare System (New Haven, CT) Southcoast Health Systems (Fall River, MA) Sturdy Memorial Hospital (Attleboro, MA) Thundermist Health Center (Woonsocket, RI) LONG TERM CARE Diocese of Fall River (Fall River, MA) Geriatric Authority of Holyoke (Holyoke, MA) Geriatric Authority of Milford (Milford, MA) Goddard House (Jamaica Plain, MA) Heritage Assisted Living (Framingham, MA) Mary Ann Morse Nursing Home (Natick, MA) Saint Regis Health Center (New Haven, CT) Steere House Nursing and Rehabilitation Facility (Providence, RI) The Boston Home (Dorchester, MA) 1 CLIENT LIST (CONTINUED) EDUCATION: Massachusetts Institute of Technology (Cambridge, MA) Northeastern University (Boston, MA) Saint Andrew’s School (Barrington, RI) Suffolk University (Boston, MA) CORPORATE: Dunkin’ Donuts (Franklin, MA) Rebecca’s Café (Cambridge, MA) Stryker Development (Cambridge, MA) EMC (Bellingham, MA) 2 5. PROJECT FACT SHEETS / NEWS RELEASES NEWS RELEASE ASPEN PROVIDES SITE PROJECT MANAGEMENT AND CLERK-OF-THE WORKS SERVICES FOR SUFFOLK’S $38.0 MILLION MODERN THEATRE & DORMITORY COMPLEX FOR IMMEDIATE RELEASE (October 2010) – The Aspen Group of North Reading, Massachusetts, recently completed the site project management and clerk-of-the-works functions for Suffolk University’s $38.0 million redevelopment of the Modern Theatre in Boston’s Downtown Crossing. The project involved the demolition of an existing 7-story, 100 year old structure while categorizing and removing its historic stone front façade to be re-incorporated into a new 12-story complex. In total, the project houses a 200-seat boutique theatre plus a 200-bed dormitory facility, connected to Suffolk’s adjacent 10 West Dormitory Complex. The deep pile and structural slab system supported a new steel framed structure that was designed using BIM technology. CBT was the project architect, and construction management services were being provided by Suffolk Construction. The award winning project secured LEED “gold” designation. Suffolk University is a private, comprehensive, urban university located on Historic Beacon Hill in Boston, with three other Massachusetts locations and international campuses in Madrid, Spain, and Dakar, Senegal. THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net NEWS RELEASE ASPEN COMPLETES $10.0 MILLION IN RENOVATION PROJECTS FOR MIT FOR IMMEDIATE RELEASE (June 2007) – The Aspen Group of North Reading, Massachusetts, completed various projects for MIT’s Real Estate Investment Company in both Kendall Square, Cambridge, and Kenmore Square, Boston. Aspen provided comprehensive project management services including assembling the project team and engaging the architect and contractor as well as managing and directing the planning, design, construction, and occupancy of the projects. Projects included: new headquarters for MIT Press (30,000 sf); the modernization/renovation of two sorority houses in Kenmore Square; the repositioning of a 16-story commercial office building at One Broadway, Cambridge, (including lobby renovation, conversion of the HVAC system from steam to gas, and the turnkey buildout of several tenant spaces); and the gut renovation of the lower level of 120 Main Street including new commercial kitchen for Rebecca’s Café. Architects included The Casali Group and The Rojas Group; and construction management services were provided by Kirkland Construction Company and Structuretone. _______________________________________________________________________________________ THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net NEWS RELEASE ASPEN COMPLETES BUILDING ENVELOPE PROJECTS FOR SUFFOLK UNIVERSITY (November 2010) – The Aspen Group of North Reading, Massachusetts, announces the completion of two building envelope projects for Suffolk University. Aspen provided comprehensive project management services for the properties located at 10 West Street and 73 Tremont Street in downtown Boston. 10 West Street is an 8-story dormitory complex located in the heart of Downtown Crossing. The scope of work included repairs to the building’s masonry facades and slate mansard roof, as well as replacement of the main roofing system. Gale Associates was the engineer for the project, and construction management services were provided by Lee Kennedy Company. 73 Tremont Street is a 13-story building prominently located at the base of Beacon Hill and houses the University’s executive and administrative offices, faculty offices and undergraduate library and common areas. Aspen managed the restoration project, including a complete repointing of the building’s Tremont Street facade, as well as sections fronting the historic Granary Cemetery. Wessling Associates was the project architect, and construction services were provided by NER Construction. Suffolk University is private, urban university located on historic Beacon Hill in Boston, with three other Massachusetts locations and international campuses in Madrid, Spain and Dakar, Senegal. _______________________________________________________________________________________ THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net NEWS RELEASE ASPEN COMPLETES FIRST PHASE OF CAMPUS UPGRADES FOR ST. ANDREW’S SCHOOL FOR IMMEDIATE RELEASE (May 2009) – The Aspen Group of North Reading, Massachusetts was hired by St. Andrew’s School of Barrington, Rhode Island, to provide real estate advisory services regarding their 2008 Strategic Master Plan and to provide project management services regarding the first phase of their planned campus upgrades. Working closely with the school’s management and the SLAM Collaborative of Glastonbury, Connecticut (architect), Aspen critiqued the master plan recommendations regarding constructability issues and assisted in developing phasing plans and cost estimates for the work. Subsequently, Aspen provided comprehensive project management services for the campus-wide infrastructure upgrades; including a new service drive along the perimeter of the campus to the school’s dining commons as well as new parking areas and stormwater management system. The scope also included relocating the Project Adventure outside fitness and recreational center, constructing new trash disposal facilities, and creating a new loop roadway to facilitate service and deliver circulation on the campus. Insite Engineering provided civil engineering services for the Phase I work, and JH Construction of Swansee, Massachusetts, was the contractor. St. Andrew’s School is a co-educational, college preparatory school founded in 1893 serving grades 3 -12 on a bucolic 100 acre campus in Barrington, Rhode Island. THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net NEWS RELEASE ND 2 ASPEN COMPLETES HEALTH CENTER FOR THUNDERMIST FOR IMMEDIATE RELEASE (November 2011) – The Aspen Group of North Reading, Massachusetts has completed a second health center in West Warwick, RI, for Thundermist Health Center. Aspen previously developed Thundermist’s nationally recognized Woonsocket facility in 2004. The West Warwick center includes 17,000 sf incorporated within the redevelopment of a former mill facility (aka The Cotton Shed). Through an extensive site search, Aspen identified the partially renovated structure as an ideal location for Thundermist, and subsequently negotiated a complex acquisition of the 34,000 square foot facility out of receivership and assisted in structuring $3.0 million in state and federal historical rehab credits. HRSA grants were also used to finance the project. Aspen provided turnkey project management for the $6.5 million conversion into a state-of-the-art health center including managing the permitting, programming, project team assembly, design, construction, and occupancy phases of the project. The completed project includes 28 exam rooms, a 75 person multi-purpose conference room, with full teaching kitchen, and clinical, staff, and administrative spaces all on one level. Vision 3 Architects was the project architect, and construction management services were provided by Alhambra Building Company. Thundermist is one of Rhode Island’s leading community health centers serving 35,000 patients in Woonsocket, West Warwick, and South County. _______________________________________________________________________________________ THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net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A ! 6 = " " $ # NEWS RELEASE ASPEN COMPLETES OUTPATIENT SURGERY CENTER FOR SAINT RAPHAEL’S HEALTHCARE SYSTEM FOR IMMEDIATE RELEASE: (May, 2000) – THE ASPEN GROUP of North Reading, Massachusetts, recently completed the turn-key development of a new outpatient ambulatory surgery center for Saint Raphael’s Healthcare System. Aspen provided comprehensive project management services including project team assemblage and contract negotiations, lease and landlord negotiations, project planning and permitting, budgeting, and oversight of the design, construction, and occupancy of the facility. The project involved increased complexity since the Landlord was adding a second story and renovating the balance of the former industrial building concurrent with the construction of the surgery center. The 16,000 square foot surgery center includes four (4) state-of-the-art operating rooms, a procedures room, Pre-op, PACU, physician locker rooms, staff lounge, administrative offices, and support functions, all within a “patient friendly” environment. The facility is located in Hamden, Connecticut, approximately ten miles from the Hospital’s main campus. THE ASPEN GROUP is a full service real estate company focused on creating value for our healthcare, corporate, and institutional clients. Contact: Brian J. Kelleher (978) 664-1549 4 6 7 0 ) 2 ! " " # ! $ " # % $ ! & % ' ( ) ( ( ( * " & 5 + ! , - " $ % . / " ! 0 $ % 8 2 ! " " % $ 9 . ) : " ! " ! " " # " " $ $ " ! $ ) ! & " % # % $ , # & # " ; < ) ( ( ( ) ( " # ) # % $ " # " # / $ $ " $ " $ - ( ( # " 1 2 3 & ! % ! " " # / ) & F . ? ) : ' 6 . : 1 7 = G ' 2 ' ) - > ( * + ) , ) - . 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J K : K 1 7 L = A G ) 6 NEWS RELEASE ASPEN COMPLETES RENOVATION AND EXPANSION FOR MARY ANN MORSE NURSING HOME & REHABILITATION CENTER FOR IMMEDIATE RELEASE (August 2011) – The Aspen Group of North Reading, Massachusetts, announced the completion of the renovation and expansion of the Mary Ann Morse Nursing & Rehabilitation Center (MAM) located at 45 Union Street in South Natick, MA. The $4.7 million project involved extensive renovations to MAM’s existing facility and related site improvements including rerouted underground utility systems, upgraded nurses stations, resident rooms, common rooms, administrative offices, and in house storage areas, as well as a newly constructed 2-story addition creating a state-ofthe-art rehab gym and occupational therapy center. Spacious and secure exterior spaces were created via nd two 2 floor patios areas as well as grade level patios for residents and staff. The project eliminated former 3-bedded rooms, created an expanded dementia unit with extensive common areas, and facilitated the redistribution of patient mix to allow increased short term stay beds. Aspen provided owner’s project management services for this 24 month design and construction assignment which required significant coordination as the facility remained in full operations throughout the construction process with limited impact to bed revenues. Architectural and interior design services were provided by Levi Wong Design Associates, civil engineering services by Samiotes Consultants, and Carr Enterprises was the construction manager for the project. Mary Ann Morse Nursing & Rehabilitation Center is an award-winning non-profit facility owned and operated by Mary Ann Morse Healthcare Corp., a leading provider of elder care services in Metro West. THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net www.aspengroupinc.net VISIT OUR NEW WEB SITE !! NEWS RELEASE ASPEN COMPLETES $5.0 MILLION ADDITION/ RENOVATION TO HERITAGE ASSISTED LIVING FACILITY FOR IMMEDIATE RELEASE (March 2009) – The Aspen Group of North Reading, Massachusetts, announces the completion of the renovation and expansion of the Heritage at Framingham Assisted Living facility. Aspen provided project management services for this $5.0 million modernization project including the addition of a new wing housing 12 assisted living apartments above a new multi-purpose function hall with seating capacity up to 100 and two state-of-the-art audio visual systems. The project also included adding a second three-stop elevator, a renovated country kitchen café with fireplace, expanded employee lounge, new delivery bay and service corridor, and upgraded finishes throughout. In addition, building envelope improvements included a new roof system, all new windows, and 100% re-siding of the existing facades. All work was coordinated to be performed while the facility remained in full operations. Gorman Richardson of Hopkinton, Massachusetts was the architect for the project, and construction management services were provided by CE Floyd Construction Company. Heritage at Framingham is a unique assisted living facility providing first-class setting for independent and traditional assisted living as well as Alzheimer’s care. Heritage is owned by MaryAnn Morse Healthcare Corporation, a non-profit organization and leading provider of elder care services in Metro West. THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net NEWS RELEASE ASPEN COMPLETES RENOVATION AND EXPANSION FOR GERIATRIC AUTHORITY OF MILFORD FOR IMMEDIATE RELEASE (July 2008) – The Aspen Group of North Reading, Massachusetts, announced the completion of the renovation and expansion of the Geriatric Authority of Milford (GAM), a skilled nursing and rehabilitation center located at One Countryside Drive, Milford, Massachusetts. The $9.0 million project involved extensive renovations to GAM’s existing facility and related site improvements including upgraded nurses stations, resident rooms, common areas, administrative offices, and mechanical systems, as well as newly constructed additions including a new resident wing and new rehab gym and charting area. The project increased the bed count from 80 to 85 beds and facilitated the redistribution of patient mix to 30 short term stay beds and 55 long term stay beds. Aspen provided owner’s project management services for this 30 month assignment which required significant coordination as the facility remained in full operations throughout the construction process with limited impact to bed revenues. The public construction project was one of the early projects procured under Chapter 149A involving a CM-at-Risk approach. Financing was provided via Town sponsored municipal bonds. The project team included Heym Associates, project architect; Guerriere and Halnon, civil engineer; Carangelo Interiors, interior design, and Consigli Construction, CM-at-Risk The Geriatric Authority of Milford is an 85-bed Level II long term care facility providing quality elder care for the past 100 years, and was established as an independent public authority in 1982. THE ASPEN GROUP is a full service real estate company focused on creating value for our institutional and corporate clients. CONTACT: Brian J. Kelleher Tel: 978-664-1549 / Fax: 978-664-8540 Email: bkelleher@aspengroupinc.net www.aspengroupinc.net VISIT OUR NEW WEB SITE !! NEWS RELEASE ? @ ! . $ # " * # # P & O " ' H # ' % # ' ! # % " # # # # # % & ' ! ' L - ' " * + = # - . - / % 0 / ! # % H # ( # # & # # ' " ' ( # # ) 4 2 5 6 7 7 8 ' 6 9 % # # & 5 5 ! # # J & # < % = # & ' $ % # G ' . ( 5 E : ) ) % $ ' # # & 6 K & # J 0 # # # I ! @ 6 # % " ' ) * $ & 9 < % # ' % 9 8 # " ! # " # $ O # % ( % % < " 6 8 ' . ' 5 $ % I . ( % H = . ' " 3 ; ! / < = ' > " # & % # & ; % % # & # & # # # & J % & # " % # & # % ) # " # ) # # & # & % : # 4 # Q @ = H ' ' A " 3 ! ! & H 9 # ( ( ' # ( & & = H $ % # % & % & # # % # % % % ) % ' $ ! < ! # " # & < < & # % # ) 1 3 $ # # " " % D ( # " < $ % ' # H - # A & # " N 9 ' $ % & # # ( O ! # # ' # # # < * " # F ( % R Q % # # ' 2 , % ' # M % ! - 0 # # $ ' ) ' $ ' ' < # ' # ' ( & C % R : # # # . 3 3 ' 9 % # # ? ' < # % " ' H ! % ! . ( ! F # ' D " " ( ' ! & F # O # % # # # 0 # " & ' " ' # # - @ , 0 % H H ! ' ' < # % - " % . % ) ' % & " % " # # # # # = ! < # # # % H # ! # % " 6 C # A " B % % B # % A ' ( $ % & # % % H ' ) ' ' ( " ( NEWS RELEASE 5 ' < D E " % & % # 2 ( ! ! 2 / " + ! * ! " ! ? 2 > 2 / " + " ? ; @ B " ? # ! ! # 3 2 2 ! D > > " # - - . , " , + 4 > # ) 3 I ! ) ! . ! C > : ! ! ! ! ! ; 9 " ? ! ! - ! ! G ! ' = ? ! 1 ! A " 3 F ! " ? E < H ' 2 ! ! > " > ! ! ? = ! , 8 6 ; 7 < 7 = 2 6 B $ ! ? / 0 . ) # # NEWS RELEASE ASPEN NAMED DEVELOPMENT CONSULTANT FOR $20.0 MILLION SKILLED NURSING FACILITY FOR IMMEDIATE RELEASE (November, 2000) - THE ASPEN GROUP of North Reading, Massachusetts, has been engaged by the Diocesan Health Facilities (DHFO) of Fall River, Massachusetts, as development consultant for the redevelopment of the Catholic Memorial Home, a 300-bed skilled nursing facility located in the historic Highland Avenue district of Fall River. The $20.0 +/- million project will include an 85,000 square foot addition consisting of patient rooms (230 beds), dining facilities and common area space. Concurrently, a substantial renovation of the existing facility will be undertaken, all of which to be performed while the existing nursing home remains in full operation. The Diocesan Health Facilities, sponsored by the Roman Catholic Diocese of Fall River, is the largest owner/operator of skilled nursing facilities in Southeastern Massachusetts with approximately 1,000 beds under ownership/ management. THE ASPEN GROUP is a full service real estate company focused on creating value for our healthcare, corporate, and institutional clients. Contact: Brian J. Kelleher (978) 664-1549 2 4 $ ! " # # 6 7 $ $ ' # 3 # ' # . 8 5 # ' # ' : # # ! 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anuary, 2000) THE ASPEN GROUP of North Reading, Massachusetts recently sold its Bellingham Business Park to EMC Corporation for a sale price of $6.8 million. Located approximately two miles from the interchange of I-495 and Route 140 near the town line of Franklin and Bellingham, Massachusetts, Bellingham Business Park consists of 146 acres with overall build-out potential of 1.0 to 1.5 million square feet. Aspen had secured approvals for the development prior to the sale transaction. THE ASPEN GROUP is a full service real estate company focused on creating value for our corporate, healthcare, and institutional clients. Contact: Brian J. Kelleher 978-664-1549 Email: bkelleher@aspengroupinc.net NEWS RELEASE ASPEN TO DEVELOP 252-UNIT RIVER BEND APARTMENT COMMUNITY FOR IMMEDIATE RELEASE (October, 2001) – THE ASPEN GROUP of North Reading, Massachusetts, announced that it has secured zoning approvals for the development of a 252-unit luxury apartment community to be located on the former EMC mill site in Woonsocket, Rhode Island adjacent to the state line between Massachusetts and Rhode Island. The planned community, to be named River Bend, will be nestled along a bend in the Peters River and consists of 9 three-story wood framed buildings, a clubhouse and leasing center, swimming pool, and landscaped gardens. The building design will be of contemporary New England Architecture featuring brick accents with individual garages available to 20% of the apartments. Inside the buildings, new residents will enjoy modern luxury floor plans including one and two bedroom styles ranging from 750 to 1,050 s.f. Unit amenities will include full size washers and dryers, fully appliance designer kitchens, tile foyers, wall-to-wall carpeting, gas fireplaces, central air conditioning, and balcony or private patio area. Strategically located only 5+ miles from Interstates 495 and 295, the development will address the highly underserved rental markets along I-495 South and Northern Rhode Island. Groundbreaking is planned for mid-2002. THE ASPEN GROUP is a full service development and consulting firm active throughout New England. Contact: Brian J. Kelleher 978-664-1549 Email: bkelleher@aspengroupinc.net ; / ' " < % 5 " + L / ! ! 4 5 " & # " ! ' $ % ! # 5 % & 1 ! / 5 6 # . ' 1 5 ( & ) " * 0 ' + , 7 5 , % 5 , 1 8 - & . ' " / ( ! 0 9 ' 7 & & / 1 ! 1 ' : 5 1 1 ! 2 3 5 & 0 " 2 ; 1 3 / ! ' " ' < / % 5 1 " I . " < 5 " K I & " . 1 " = M I N 5 1 / 5 6 . 1 5 & " O ! " 1 ! # ! ' P " < & 0 & P 1 & ! - O = I & 7 5 ' 1 ! Q 9 + , , , + , , , / 5 ' % > ' / < ? @ 3 & ' 0 / A ! / 0 & 1 & 7 1 0 % / ' ! ! E & ! ! 0 & & 1 G 7 % ! ! 7 ' 1 / : : ' ' / 7 ! & 3 & / F . 0 A 7 7 & ' 7 ! & H % ! ! 1 6 1 . & / 1 5 % 5 1 8 5 " 7 % . # ! ( * + , , , - . ' / % ! ' / + 7 ' ! " & # " 1 D ( + : & , , B , & - & / . ' / + ' ! C 0 ! ! D + 1 , ! & 0 , , ) , " 0 / 0 . 8 I . " < 5 " K I & " . 1 ? ! # ' 5 " 7 ! I : 5 ! 7 1 ! 3 C H 9 6 % ! / & ' ( # D 5 D " J 4 # ' " & # 7 < ' 7 ? - @ . 5 3 / ! ! # ! 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he Aspen Group, Inc. 100 Riverpark Drive, P.O. Box 96 North Reading, MA 01864 t: 978-664-1549 f: 978-664-8540 www.aspengroupinc.net