S. Scott Stewart
S. Scott Stewart is the Founder and Managing Partner of Capitol Seniors Housing (CSH), a national seniors housing investment firm. CSH is a joint venture partner with one of the largest university endowments in the world. CSH also partners with The Carlyle Group (Carlyle), one of the world’s largest private equity groups with $170 billion under management. Both CSH and Carlyle are headquartered in Washington, D.C.
CSH was formed in the fall of 2003 with a mission to opportunistically acquire, develop and own independent living, assisted living and continuum of care retirement communities (CCRCs) in major U.S. markets. CSH utilizes third party operators to manage the facilities on a fee or joint venture basis.
Prior to forming CSH, Mr. Stewart ran the Acquisitions Group for Sunrise Senior Living, one of the country’s premier seniors housing service providers. Before that, he headed up the acquisitions, development and construction efforts for Homestead Village, Security Capital Group’s extended-stay hotel company.
Mr. Stewart serves on the Boards of the American Seniors Housing Association (ASHA) and Hopecam, a non-profit organization. He is on the University of Michigan’s Ross School Advisory Board as well as an Adjunct Professor at both Georgetown University and American University in Washington, DC, teaching real estate courses in both universities’ continuing education programs.
Mr. Stewart is a five-time Ironman triathlete and member of the “Seven Continents Club,” having run a marathon in all seven continents. He earned an MBA from Harvard Business School in Boston, Massachusetts and a BBA from The University of Michigan in Ann Arbor, Michigan.
Michael Hartman is responsible for CSH’s Active Living platform, which focuses on investing in assets catering to residents who are Over 55. This opportunity includes acquiring and renovating existing assets, as well as developing new assets that are uniquely tailored to this community. Michael brings more than two decades of commercial real estate principal and advisory expertise to his role with CSH.
Prior to joining CSH, Michael was director of Investments, Senior Housing for Cortland Partners focusing exclusively on Active Living assets. Over a two-year period, he executed six transactions totaling over 1,200 units and deployed $140 Million of capital. Prior to that, he ran the Real Estate Division of Cohn Reznick Capital Markets, providing services that included debt and equity financing, M&A advisory, due diligence, and strategic investment advisement.
Michael’s extensive experience also includes a previous stint with CSH where he was part of the team that launched the original effort in 2003. In the past, Michael served as Vice President for Sunrise Senior Living, Inc. and Deutsche Banc Alex Brown, respectively. Michael has also worked as an associate and analyst for Prudential Securities Incorporated and The Yarmouth Group, respectively. Michael began his finance career as a loan officer with Shawmut Bank in Boston, Massachusetts.
Michael received his MBA in Finance and Real Estate from The Wharton School and holds his bachelor’s degree in Economics from Connecticut College.
Joe McElwee is responsible for managing CSH’s development and renovation projects from the planning stages to completion. Mr. McElwee co-founded Shelbourne Healthcare and has over 20 years of experience in the senior assisted living industry. He was the Senior Vice President of Development for Sunrise Senior Living in McLean, Virginia, managing development officers in Chicago, Detroit, Boston, Baltimore and New York. In addition, he has worked for Cardinal Industries of Glen Burnie, Maryland and JS Hovnanian and Sons of Mount Laurel, New Jersey. Mr. McElwee has been a guest lecturer at the Erickson School of Aging in Maryland and at Marquette University in Milwaukee. He is currently serving as a trustee of St. Joseph’s Preparatory School in Philadelphia. Mr. McElwee is a graduate of Marquette University.
Kyle Henderson is responsible for the asset management of the Capitol Seniors Housing portfolio throughout the United States. Additionally, Mr. Henderson plays an integral role in CSH’s acquisition group. Prior to joining CSH, he worked in Deloitte’s assurance group with a focus on publicly traded REITs. Mr. Henderson served as a mentor in the Higher Achievement Program, a non-profit organization focused on improving the academic skills and attitudes of underserved middle school students in Washington, DC. Mr. Henderson earned received his MBA from the McDonough School of Business at Georgetown University and received a BS in Finance and BS in Accounting with honors from the University of Maryland.
Fred Moon is responsible for sourcing and analyzing acquisition opportunities for CSH as well as the execution of finance, refinance and recapitalization strategies for the portfolio. Prior to working with CSH, Mr. Moon co-founded Orion Student Housing which acquired and repositioned 17 properties. He was also a Director of the Greenwich Group International where over an 11-year period he raised approximately $2.5 billion in equity, mezzanine financing and debt for residential, office, retail, self-storage and industrial/flex transactions where he specialized in recapitalization, joint-venture structuring, refinancing and investment sales on a property, portfolio and entity level. Before that he was a financial analyst for Friedman, Billings, Ramsey in its Technology Investment Banking Group. Mr. Moon received his BBA with a concentration in Finance and Accounting from the University of Michigan in Ann Arbor and is a licensed broker in the District of Columbia, Maryland and Virginia.
Joel McCandless is responsible for the financial reporting of Capitol Seniors Housing, joint ventures, and subsidiary entities. Additionally, Mr. McCandless is responsible for REIT compliance, lender compliance, annual tax returns, and annual audits throughout the portfolio.
Prior to working with CSH, Mr. McCandless held various accounting and financial reporting positions at Madison Marquette and Washington REIT (now Elme Communities) and has over 10 years of real estate experience.
Mr. McCandless is a CPA and received his BS in Finance and Management from Bloomsburg University.
Curtis Fowlie is responsible for asset management and development site acquisitions for Capitol Seniors Housing’s West Coast portfolio. Prior to joining CSH, he worked at JLL and CBRE in San Diego, assisting national clients with disposition strategies and debt and equity sourcing. Mr. Fowlie earned his degree with distinction and honors from the University of Alberta Business School in Canada with a focus on finance, business economics, and law.
Jim May is the Director of Construction for Capitol Seniors Housing (CSH) and provides the following responsibilities and skills:
- Full Leadership of Hard Cost Budget and schedule for the Design and Construction management of Ground-up Developments, Major Renovations of Acquisitions, etc. including direct reports and consultants in New Construction and Occupied communities.
- Lead Negotiator of Design Consultant Contracts and Contractor GMPs.
- Design & Construction Management / Claims Avoidance / Claims and Dispute Resolution.
- GC Sourcing throughout the USA & GC Selection via bid or negotiation.
- Precon/Value Engineering / Due Diligence Risk Management
- Provide guidance on Property Conditions Reviews for new assets & when selling owned assets.
Jim was previously the Director of Construction at Formation Shelbourne Partners Development Group in a similar capacity; Jim was Vice President of Construction of Sunrise Development, Inc., a division of Sunrise Senior Living, the Nation’s leading Senior Living Company. Jim had been with Sunrise Senior Living in various capacities including Senior Real Estate Director, Project Manager, etc. since the firm went public in 1996 and in those following 13 years had been involved in Sunrise’s design, planning, and/or construction of 90+ projects totaling $1.8 Billion in overall development; these projects involved Assisted Living, Independent Living and Senior Condo projects throughout the United States and Canada. Jim was a lecturer in the Johns Hopkins & Univ. of MD course on “Development of Seniors Housing & Care”. Prior to joining Sunrise Jim May held positions with national builders Turner Construction, Clark Construction, etc. completing Museums and Luxury Condos, Design/Build Prison & Police precinct projects, and major high-rise office buildings in Wash DC, Boston, NYC, and Philadelphia. Jim is a Civil Engineering graduate of Villanova University.
Mr. Ennis is responsible for CSH’s Project Development from Design to Completion. Prior to working at CSH, he was Director of Development for Shelbourne Healthcare Development Group. Mr. Ennis has over 36 years of experience in the senior living industry, including the position of Senior Director of Development for Sunrise Senior Living. While with Sunrise he developed and opened over 90 assisted and independent living projects throughout the US and Canada. Prior to joining Sunrise, he spent over 7 years working for Philadelphia Presbytery Homes as a Senior Housing Manager and Nursing Home Administrator. Mr. Ennis is a graduate of the University of Buffalo.