Mainstreet Property Group, a Carmel, Indiana-based senior housing developer, announced today that Scott White has joined its senior management team as executive vice president of finance. Based in New York, he will be in charge of the fundraising and capital markets initiatives for the firm.
For the past four years, White had served as a senior vice president in the private funds group of Brookfield Asset Management, where he helped to raise capital for the company’s alternative investment vehicles in real estate, private equity and infrastructure. He left Brookfield last week to join Mainstreet.
Prior to Brookfield, White worked as a head of deal management at Citigroup’s alternatives distribution group, where he advised clients on alternative capital-raising activities in private equity, real estate, hedge and infrastructure funds. Before focusing on alternative assets, he previously was part of the healthcare group at Citigroup’s investment bank.
“Mainstreet is at an important inflection point in our growth strategy, and we are delighted to be able to bring aboard someone with Scott’s experience and talent,” said Zeke Turner, Mainstreet’s chairman and chief executive, in a statement. “I know he brings knowledge that is vital to the growth of our business.” Turner, who founded Mainstreet in 2002, previously worked with White about a decade ago while both were at Citigroup.
“We’re really looking at growing the business considerably,” said White. Mainstreet currently has seven projects under construction in three states, and an additional 20 projects totaling $350 million in the pipeline over the next 12 months in eight states. Additionally, Mainstreet is the external manager for HealthLease Properties, a real estate investment trust that it launched on the Toronto Stock Exchange last June. HealthLease has 28 properties in five states and two Canadian provinces.
However, Mainstreet now is planning to expand its development efforts nationally, which will call for raising a larger pool of capital. White noted that Mainstreet will be targeting family offices, endowments, foundations and other institutional investors in its capital-raising efforts going forward.