ZOM Senior Living, in a venture with Liberty Senior Living and funds managed by Ares Management Corporation’s Real Estate Group, announces groundbreaking on Wellington Bay, a $180 million multi-phase mixed-use senior housing rental community - Seite 2

Liberty Senior Living is a subsidiary of North Carolina-based Liberty Healthcare, a 144-year old family-owned company with a wealth of experience delivering healthcare and residential services in the growing senior housing segment.

“This is our first project in Florida and we are excited to partner with ZOM,” said Will Purvis, Chief Development Officer of Liberty Healthcare. “The large size of the Wellington site gives us the opportunity to create a unique resort style senior’s community, in close proximity to well-established retail shops and dining venues. We have the ability to create a number of different residential formats and levels of healthcare services, and to maintain significant green space for the enjoyment of all of our residents.”

“Ares has a long track record of developing core-quality real estate in major U.S. markets,” said Andrew Holm, Partner in the Ares Real Estate Group. “With top tier management, unrivaled amenities, high-quality and varied housing options, and a great location in Palm Beach County, this project is a prime example of what we look for in a development opportunity. We look forward to building upon a strong relationship with ZOM and Liberty, who have designed a great property.

“This project represents a huge milestone for our entrée into the senior living space,” said Brett Gelsomino, Vice President of ZOM Senior Living. “Wellington Bay is our first senior living project to break ground, within our growing national pipeline. We have enjoyed working with the Village of Wellington and their staff. We look forward to getting underway, and contributing positively to the community by providing high-quality housing for our senior citizens.”

LS3P Architects (Wilmington) and MSA Architects (Miami) provided project design and architectural services, and RD Jones provided interior design services. Balfour Beatty and Kaufman Lynn are providing construction services. Construction financing was co-arranged by SunTrust Bank and PNC Bank, NA, with Comerica Bank as a participating lender.

About ZOM Living

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 42-year history, ZOM has garnered more than 160 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award and garnering two national Pillar Awards from the (NAHB) National Association of Home Builders, for Best Low-Rise Project (Baldwin Harbor/Orlando) and Best High-Rise (Monarc at Met3/Miami).