NIC Board of Directors

Lucinda (“Cindy”) Baier is the President, Chief Executive Officer, and a member of the Board of Directors of Brookdale Senior Living, the nation’s premier operator of senior living communities. As of year-end 2020, the $3.5 billion company operates nearly 700 senior living communities and has the ability to serve approximately 60,000 residents through its independent living, assisted living, Alzheimer’s and other dementia care, and continuing care retirement communities and through its comprehensive network of services. The company’s 40,000+ employees are taking care of America’s seniors and, in 2020, Fortune magazine ranked Brookdale as one of the top 200 largest publicly listed employers in the country.

Ms. Baier became Brookdale’s President, Chief Executive Officer, and a member of the Board of Directors on February 28, 2018. From the beginning, she initiated the company’s operational turnaround strategy and developed the “Winning Locally” action plan. Within her second year, the company’s Net Promoter Score® increased 20%. In her third year as CEO in 2020, J.D. Power recognized the company as #1 in customer satisfaction (in a tie) in assisted living/memory care communities. As CEO, she led the company through the largest public health crisis in 100 years by prioritizing the health and well-being of its residents, patients, and associates. She focused the company’s efforts on increasing diversity, including the Board and executive leadership team approaching gender parity in 2020. Ms. Baier led Brookdale’s efforts to negotiate and restructure leases with its largest three REIT partners. She led the company through the sale of assets, including Brookdale’s interest in the unconsolidated entry CCRC ventures and the majority share of its home health, hospice, and outpatient therapy business. These deals unlocked significant value for Brookdale and shareholders. In 2022 Baier published her first book Heroes Work Here: An Extraordinary Story of Courage, Resilience, and Hope from the front lines of COVID-19 in which she shares how she and her team led Brookdale through the COVID-19 pandemic.

Ms. Baier has served more than a decade as a board member for public and private companies. Currently, she is on the board of directors of Argentum, the National Investment Center for Seniors Housing & Care (NIC), and the Nashville Health Care Council, where she serves as Vice-Chair. She is a member of the NYSE Board Advisory Council, which identifies and connects diverse board candidates to NYSE-listed companies seeking new directors, and serves on the Vanderbilt University Medical Center Board.

A number of organizations have recognized Ms. Baier. Some of her awards and honors include Amazon Best Selling Author, CEO Forum Group’s 2021 Top 10 CEOs Transforming Healthcare in America; Nashville Medical News’ Class of 2021 “Women to Watch ”; Corporate Citizenship 2020 Award from the Committee for Economic Development of The Conference Board; one of McKnight’s 2020 “Women of Distinction”; and Nashville Business Journal’s “Most Admired CEO” list for two consecutive years.

Before becoming CEO of Brookdale, Ms. Baier was the company’s Chief Financial Officer beginning in December 2015. In addition to experience as a seasoned chief financial officer for several companies, she has been responsible for multi-billion-dollar operations, the chief executive officer for a publicly-traded retailer, and served as an executive officer of a Fortune 30 company.

Ms. Baier is a Certified Public Accountant and a graduate of Illinois State University, with Bachelor and Master of Science degrees in Accounting.

Susan Barlow is responsible for the day-to-day operations of the business, product development, capital formation and along with Kathryn Sweeney, setting the long-term strategic direction for Blue Moon Capital Partners. Susan is Chairperson of the Management and Investment Committees. She has over 30 years of experience advising institutional real estate clients on branding, strategy implementation, product development and capital formation.

Previously, Susan was Managing Director and Head of Global Client Relations for RREEF, a global institutional real estate investment manager wholly owned by Deutsche Bank. At RREEF, she directed the activities of the firm’s 60-person global client relations team and led the firm’s product development, client relations, sales, marketing and investor communications. She was a member of the global Executive Committee responsible for managing RREEF and also, a member of the Infrastructure Executive Committee, Private Equity Executive Committee and Board of Directors of Rosen Real Estate Securities.

Susan co-founded a real estate fund-of-funds investment management firm allocating capital to small and mid-size operating companies. Previously, she was the CEO and President of a strategic advisory firm assisting real estate operating partners and investment managers in developing investment vehicles and capital formation strategies for the institutional marketplace. Early in her career, she founded the institutional real estate consulting practice for Callan Associates, one of the largest independently owned investment consulting firms in the United States.

Susan earned a Master of Business Administration degree from the University of Denver and a Bachelor of Science degree from Black Hills State University.

As NIC’s president, Ray Braun oversees overall strategy, volunteer leadership governance, organizational performance, culture, and mission delivery.
Prior to joining NIC, Mr. Braun served as the Dean of the Allen W. and Carol M. Schmidthorst College of Business at Bowling Green State University where headed all aspects of the college’s vision, strategic direction, planning, operations, and budgeting. Prior to his deanship, Mr. Braun served as the president and CEO of Cogdell Spencer and president of Health Care REIT, Inc. (now Welltower) where he was inducted into the Stifel Nicolaus Senior Housing & Healthcare Real Estate Hall of Fame.

Additionally, Mr. Braun served as a board member to NIC during 2000 – 2007 serving as its chair for the last two years of his term. During his term, he served as the NIC MAP Task Force Co-chair, helping to bring data transparency to the sector.

Mr. Braun holds a Juris Doctor from the University of Pennsylvania and a Bachelor of Science in Accounting & Economics from Bowling Green State University.

Jack R. Callison is a seasoned senior living leader and a passionate advocate for championing quality of life for all seniors. Under his leadership, Sunrise seeks to create the preferred lifestyle for seniors to enjoy longer, healthier, happier lives. Jack has a proven record of building and growing cohesive organizational cultures, high-performing teams, and scalable operating platforms in mission-driven organizations. Jack’s team-focused approach seeks to cultivate wellness, engagement, inclusivity, and growth throughout all aspects of the company.

Prior to Sunrise, Jack held several executive positions: CEO of senior living operator Enlivant, CEO of Holiday Retirement, and president of U.S. operations for Archstone. He is a Board Director and previous Vice Chair of the National Investment Center for Senior Housing and Care (NIC). Jack also serves on the Board of Directors for Argentum and is an Executive Board Member of the American Seniors Housing Association (ASHA). Jack also formerly served as a member of the Medical Center Board of Directors of the Ann & Robert H. Lurie Children’s Hospital of Chicago, including as Vice Chair of the Quality and Credentialing Committee.

Robert Chapin currently serves as CEO and Co-CIO for Bridge Investment Group (NYSE:BRDG), Seniors Housing investment strategy consisting of 3 closed end funds totaling $4.5 billion of AUM and a fully integrating seniors housing operating platform Bridge Senior Living with over 3,200 employees nationally making Bridge one of the largest owners and operators of private pay seniors housing. Mr. Chapin also serves on the Board of Directors and audit committee of the National Investment Center for Senior Housing and Care (NIC) in addition he serves on the Public Policy Committee for the American Seniors Housing Association (ASHA). 

From late 2005 to 2013, Robb served as Founder, Co-Chief Executive Officer Servant Healthcare Investments, LLC, Servant Healthcare Investments was the sub-advisors to a public non-traded healthcare REIT with over $1 billion of AUM focused on seniors housing and other healthcare related properties.  From 1999 to 2005, Robb served as Executive Vice President for Trustreet Properties, Inc. (“A CNL Financial Group Legacy Fund”), a publicly traded commercial net lease REIT with over 3000 properties in over 40 states. Robb received his BS in education and was a scholarship athlete at Appalachian State University.

Kai was previously Senior Managing Director – Senior Housing Properties at HCP Inc. (NYSE: HCP) a fully integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry.

Prior to HCP, Kai served as President and Chief Executive Officer of Holiday Retirement, the second largest senior housing operator in the United States, growing the company’s occupancy, NOI and EBITDA through organic growth and acquisitions, recapitalizing the company through triple net and third-party management transactions, and centralizing operationally intensive functions. During his tenure at Holiday, Kai held several leadership positions, including overseeing operations, field support functions, acquisitions and new business strategy. Previous to Holiday, Kai worked at Macerich (NYSE: MAC), a retail REIT, where he worked in operations, marketing, and both ground up developments and redevelopments. And prior to Macerich, Kai worked at world-renown spa resort, Canyon Ranch, where he focused on new hospitality and real estate developments.

Kai serves as a member on the Argentum (previously known as the Assisted Living Federation of America, ALFA) Board of Directors and is on the Executive Board of the American Seniors Housing Association (ASHA). He graduated with a Bachelor of Arts in Communications from the University of Arizona.

Eclipse Senior Living is a national 3rd party manager of Independent, Assisted and Memory Care communities across the United States under various brands, including Elmcroft and Embark.

J. Justin Hutchens is the Executive Vice President, Senior Housing, North America for Ventas, Inc.

A member of the Ventas executive leadership team, Hutchens is responsible for the Company’s North American Senior Housing portfolio, which includes more than 700 properties that provide high-quality environments for approximately 60,000 seniors and represents 53% of the Company’s net operating income (NOI).

With more than 25 years of experience in the U.S. and the U.K. including successful C-suite operations in both publicly traded and private equity-backed investments, Hutchens joined Ventas from HC-One where he served as Chief Executive Officer. During his HC-One tenure, he led the company during a significant period of refinement and growth resulting in Britain’s largest residential and nursing care home operator with more than 300 communities in England, Scotland and Wales. Hutchens’s prior roles include serving as Chief Operating Officer of Emeritus, a senior living company that was the largest operator of assisted living in the U.S. during his tenure; Chief Executive Officer, Chief Operating Officer and President of National Health Investors; and President of HCP (now Healthpeak Properties, Inc.). He began his career in senior care operations.

A frequent speaker on investment practices, company performance and senior housing and care operations, Hutchens was recognized in Forbes Magazine’s Top 20 “Most Powerful CEOs Age 40 and Under” list for four consecutive years.

Hutchens serves on the Board of Eclipse Senior Living (ESL). He earned his Bachelor of Science – Human Services from the University of Northern Colorado and his Masters of Science in Management from Regis University.

Mr. Insoft is Partner at Maple Ridge Partners. Prior to joining the company, Mr. Insoft spent eight years as a Vice President and Senior Investment Officer of Nationwide Health Properties, Inc., a publicly-traded REIT. Before that, he was President and Chief Financial Officer of CMI Senior Housing & Healthcare, Inc., a privately-held nursing home and assisted living facility operations and development company, for seven years. Mr. Insoft received an M.B.A. from Columbia University and a B.S.E. in Electrical Engineering from the University of Pennsylvania.

Mr. Javaid offers more than 20 years of investment, finance, and management experience with a variety of institutions both public and private. For the past 15 years, Mr. Javaid has been actively involved in the Seniors Housing and Care industry. He has been quoted as a thought leader by numerous industry publications and presented at several industry conferences and webinars. Currently, Mr. Javaid currently leads BMO Harris Bank’s Commercial Real Estate Healthcare group. The group provides full array of commercial banking services to facilities based clients in the healthcare space including, Medical Office, Seniors Housing and Care Industries. From 2011 through December 2015, Mr. Javaid was Managing Director of the Healthcare Real Estate Group, a lending practice within Capital One Bank’s Commercial and Specialty Finance business. He built, from the ground up, Capital One’s brand name and presence in the senior housing and care industry. He led the team that built a diversified (geographically and by operator) portfolio of loans and led loan negotiations. Previously, Mr. Javaid served as a Director in the Healthcare Real Estate Group of CapitalSource, Inc. a commercial lending and banking, investment and asset management company from 2001 through 2011. He led loan transactions and direct real estate investments for long-term care facilities including Skilled Nursing Facilities and Assisted Living Facilities. He was involved in lending over $2.7 billion in capital. Mr. Javaid also led large acquisitions and dispositions between CapitalSource and Omega Healthcare Investors as well as between CapitalSource and Healthcare Property Investors, Inc. He served as the Chair of CapitalSource’s Enterprise Risk Committee, leading efforts in enterprise risk management, corporate wide systems development, and strategic growth planning. Prior to joining CapitalSource, Mr. Javaid worked for the Carlyle Group, a nationally renowned private equity firm where he undertook portfolio management and financial modeling for office and telecom buildings, hotels, and light industrial facilities. Prior to joining the Carlyle Group, Mr. Javaid worked for KPMG, a global professional services firm. Mr. Javaid holds a Bachelor’s in Accounting from Franklin and Marshall College in Lancaster, Pennsylvania and is non-practicing Certified Public Accountant (CPA) licensed in the State of New York. Additionally, he is a Chartered Financial Analyst (CFA) charterholder.

Lynne Katzmann is Founder and President of Juniper Communities, which invests in, develops and manages senior living and long-term care communities. With 20 properties in four states and more than 1200 employees, Juniper, has $65 million in revenues. Celebrating its 27th Anniversary, Juniper is ranked #14 by Crain’s New York on its Top 50 ranking of woman-owned companies for the New York tri-state area. Juniper is the only woman- founded, owned and led business among the top 40 national assisted living companies. Katzmann launched the business when she was 32, with six years’ experience in the health care industry and a PhD in economics. An active leader in the social entrepreneurship movement at its beginning, she was a firm believer in the so-called double bottom line: doing well by doing good. Katzmann leads an organization known for resident-centered, personalized care. Juniper’s priorities and its many award-winning innovations are consistent with her belief: “Aging and its challenges are a natural part of our life cycle. Quality of life in this third stage should be enjoyed to its fullest according to each person’s choosing. There is no reason that a frail body should not allow a life of joy and meaning.” Katzmann has been involved in the health care industry for almost 30 years, working in the public and private sectors in the United States and Europe. ​

As President of Belmont Village Senior Living, Mercedes Kerr is responsible for the performance and expansion of the company’s premier portfolio, the growth and opportunity of its employees and the care and satisfaction of its residents. A well-recognized health care and real estate professional, Ms. Kerr has more than 20 years of experience in the seniors housing sector.

Prior to joining Belmont Village in 2019, she was Executive Vice President of Welltower, Inc., where she worked for more than a decade to establish enduring healthcare partnerships to build innovative, wellness-focused care delivery. Prior to her time at Welltower, Ms. Kerr was Vice President of Acquisitions at HCP, Inc. for nearly 10 years. Before joining HCP, she was a member of the consulting division of Ernst & Young LLP. Ms. Kerr has served on boards of leading national and state organizations dedicated to setting policy and standards for seniors housing and care. She was recently named to California Governor Gavin Newsom’s Master Plan for Aging Stakeholder Advisory Committee. Ms. Kerr began her career in real estate development in her native Mexico. She is a graduate with honors from the Universidad Autonoma de Guadalajara and earned a Master of Real Estate Development degree from the University of Southern California.

Bob Kramer is Co-founder, former CEO, and now Strategic Advisor at the National Investment Center for Seniors Housing & Care (NIC). He is also the Founder and Fellow of Nexus Insights, a think tank advancing the well-being of older adults through innovative models of housing, community, and healthcare. He is broadly recognized as one of senior living’s most influential and high profile thought leaders and connectors. With over 35 years of industry leadership, he has earned the reputation of “agent provocateur” in the seniors housing and care industry. Mr. Kramer has been described as an “ice-cutter” and scout in identifying industries and trends that will disrupt the future of seniors housing, aging services and aging more broadly.

In 1991, Mr. Kramer co-founded NIC to advance access and choice in seniors housing and care by attracting capital to grow the sector. Under his leadership, NIC became the go-to resource for data and analytics for the rapidly expanding seniors housing and care industry and an acknowledged thought leader for new ideas and trends impacting the provision of housing, services and care for older adults. He stepped out of the CEO role in 2017 and continues to serve NIC in the role of Strategic Advisor. Mr. Kramer was educated at Harvard and Oxford Universities and holds a Master of Divinity degree from Westminster Theological Seminary.

Kelsey P. Mellard is the CEO and Founder of Sitka, a virtual, value-based multi-specialty network that is expanding the scope of primary care. With years of experience across the healthcare system, she has been a leader in healthcare innovation across companies within the healthcare, government, and technology industries. Kelsey is deeply committed to improving the delivery of healthcare across the nation while ensuring access for everyone.

Prior to founding Sitka, Kelsey led Health System Integration for Honor, a technology-backed home care company. Before Honor, she led the development of the Post-Acute Care Center for Research, where she served as its Executive Director. Earlier in her career, she also served in VP roles at naviHealth, UnitedHealth Group and was on the initial team to establish the Center for Medicare and Medicaid Innovation at CMS. Prior to working in the federal government, she worked directly within the healthcare delivery system as a consultant at the Advisory Board Company to a variety of hospital systems and as an Administrative Fellow at Children’s Mercy Hospitals and Clinics. Kelsey began her career at Kaiser Family Foundation.

Kelsey sits on the board of Crossover Health and volunteers with the National Investment Center for Senior Housing (NIC) board and the Rock Health Foundation board. She has been featured in Forbes, Fortune, and TechCrunch. She received her Bachelor of Science in Community Health from Winona State University and a Master’s in Public Administration from the University of Kansas. During her free time, she enjoys the great outdoors with her partner George, son Dalman, and puppy Arlo.

Kurt Read, Principal, RSF Partners, oversees RSF’s fund and corporate development. RSF is a real estate private equity firm that is actively investing its latest fund, RSF Partners VII ($450 million in committed equity), in senior living and opportunistic commercial real estate.  Over the past two decades RSF has managed over $1B in equity commitments in seven discretionary funds.  Mr. Read has opportunistically invested in operating intensive real estate assets and companies for over 30 years and has been a director of a number of private and public senior living and hospitality companies including the Forum Group, Inc., Omega Healthcare, Inc. and Bristol Hotels and Resorts.  Mr. Read is currently the board chair of the National Investment Center for Seniors Housing and Care (NIC) and is Chairman of the Board of NIC MAP Vision, the leading data provider to the senior living industry.

John P. Rijos is a Co-Founder/Operating Partner of Chicago Pacific Founders, a private equity firm that specializes in investments across the healthcare spectrum with offices in Chicago and San Francisco. He is also Chairman and Chief Executive Officer of CPF Living Communities, their seniors housing subsidiary. Prior to that, Mr. Rijos spent thirteen years as Co-President and Chief Operating Officer of Brookdale Senior Living, Inc., the largest senior living company in the United States. During his tenure, the company grew from 22 communities to approximately 650 communities serving residents in independent living, assisted living, memory care, skilled nursing and large campus continuous care retirement communities.

Prior to Brookdale, Mr. Rijos spent 20 years as President and Chief Operating Officer of Lane Hospitality, owner and operator of more than 40 hotels and resorts and its affiliate, High Country Corporation. During that time, he spent three years as Chairman of ITT Sheraton’s Owners Council.

During his distinguished career, Mr. Rijos has served on numerous boards and advisory committees in senior living and universities. He is Chairman Emeritus of the American Seniors Housing Association (ASHA) and is a founding board member of the Cornell Institute for Healthy Futures. He has also recently been elected to the Board of the National Investment Center (NIC). He received his Bachelor of Science degree from Cornell University in hotel administration and has a CHA designation.

Matt Ruark is a Senior Vice President, Head of Commercial and Healthcare Mortgage Production in the Real Estate Capital Market Group of KeyBank. Additionally, Matt leads the Investor Placement team, which he started at Key in 2011. As Head of Commercial and Healthcare Mortgage Production, Mr. Ruark oversees multiple teams of mortgage bankers and analysts. The teams work with all of KeyBank’s corporate real estate offices nationally in the origination of permanent debt placements. These groups originated more than $4 billion of fixed and floating rate permanent mortgages in 2019. Matt is also part of the Commercial Mortgage Group’s management team.

Additional responsibilities internally at KeyBank include: Diversity & Inclusion Co-Champion for the Corporate Bank and Advisory Committee Member for the Commercial/Corporate Bank.

Mr. Ruark has worked in the Commercial Mortgage Banking industry for more than 20 years. Responsibilities throughout his career have included originating debt and equity financing for private and public real estate owners through relationships with a variety of capital sources, including insurance companies, investment banks, governmental agencies, commercial banks and credit institutions.

Mr. Ruark has served on the NIC Planning Committee for the past two years (2019, 2020). He has previously served on the Olathe Kansas Economic Development Council board, The Northeast Industrial Association board, Kansas City Industrial Council, and was an affiliate member of the Kansas City CCIM Chapter. Matt is a graduate of Kansas City’s Chamber of Commerce Centurion Leadership Program, and was recognized by Ingram’s magazine in 2007 as one of Kansas City’s “40 Under 40” business leaders.

Mr. Ruark earned a BS in Business Administration from the University of Nebraska (Finance, major and Mathematics, minor), and an MBA from Rockhurst University (dual focus Finance and Marketing).

Steve Schmidt joined Freddie Mac in 2008 and is currently the National Director and Production Manager for Seniors Housing. Prior to joining Freddie Mac, Mr. Schmidt was Vice President-Production with Merrill Lynch Capital Healthcare Real Estate Finance from 2003 to 2008. From 1985 to 2002 he held various senior positions in Production, Credit, Asset Management and Strategic Planning with Heller Financial Commercial Real Estate in Chicago, IL. Mr. Schmidt holds a BS degree in Chemical Engineering from the University of Michigan and an M.B.A. from the University of Chicago.

Kenneth C. Segarnick is Chief Corporate Officer of Brandywine Living, a premier provider of high-end senior living, including assisted living, memory care, and independent living. As a member of Brandywine’s executive management team, Ken oversees operational and enterprise growth of the company’s platform – currently expanding to 30 communities in seven states with capacity to serve over 3,000 residents.

Ken has guided the company through substantial portfolio growth; during his tenure, Brandywine has more than tripled in size and established its position as a brand leader for quality and hospitality-driven senior living services throughout the Mid-Atlantic. Previously the predecessor company’s Assistant General Counsel, Ken rose to Managing Director of Business Development & General Counsel in 2006, and played a key role in reshaping the business by facilitating an exit of the skilled nursing and ancillary service divisions to increase concentration in the private pay sector. Ken assumed his current role in 2010 upon the closing of Brandywine’s initial venture with Welltower, Inc. (NYSE: WELL), an S&P 500 company, and recapitalization of the company’s former primary stockholder, Warburg Pincus, a global private equity firm.

Prior to Brandywine, Ken practiced law with the Philadelphia law firm of Dilworth Paxson, before joining United Messaging, a venture backed enterprise email hosting and solutions provider. As United Messaging’s Vice President & General Counsel, Ken developed an

expertise in the then-burgeoning area of workplace email privacy and testified before the U.S. Congress on privacy legislation.

Ken is chair of the Operator Advisory Board for the National Investment Center for Seniors Housing & Care (NIC) and a member of the NIC Board of Directors. He is also past co-chair of the planning committee for the NIC Spring Investment Forum, a premier industry conference attracting over 1,400 senior care and financing executives.

Ken holds a B.A. and J.D. from the University of Pittsburgh.

Fee Stubblefield is the Founder and CEO of The Springs Living with its home office in McMinnville, Oregon.  Fee started The Springs Living in 1996, with an idea to build a retirement community acceptable to his grandmother who was facing challenges of aging. Today there are 11 communities in Oregon and four in Montana.  They offer senior living with options for independent retirement living, assisted living and memory care. The focus of The Springs Living has never been to be the biggest, but simply to be the best by changing the way people experience senior living as residents and employees.  Fee embraces the fact that the “magic” is in the daily interactions between the residents and direct care staff.  In addition to nurturing an atmosphere of warmth and caring, The Springs Living has been successful in developing beautiful communities from the ground up. The Springs at Greer Gardens in Eugene, Oregon, is the newest property in the family with 216 units (independent, assisted and memory care) and opened in June of 2017. Additional communities are under construction in Lake Oswego, Oregon, and Bozeman, Montana, and scheduled to open in late 2019. Fee attended Clemson University; is married and has three adult children.  He is the Chair of the Oregon Health Care Association (OHCA) and on the Operator Advisory Board of the National Investment Center for Seniors Housing & Care (NIC).

Chris Taylor is Managing Director for Capital One’s Healthcare Real Estate team. Chris works with a team of over 50 people in providing debt capital to the Long Term Care space utilizing the company’s Balance Sheet as well as offering Fannie Mae, Freddie Mac and HUD financing options. Prior to Capital One Chris held a similar position with GE Capital. Chris has over 35 years of lending experience in a variety of roles including the last 15 years in the Senior Housing and Skilled Nursing sectors. Chris received his B.A. in Economics from the University of Colorado.