Marlin Spring Announces the Establishment of Spring Living Retirement Communities and the Acquisition of Eight Residences
TORONTO, May 03, 2021 (GLOBE NEWSWIRE) — Marlin Spring is proud to announce the establishment of Spring Living Retirement Communities and the joining of Lois Cormack as a partner, and its Chief Executive Officer and Board Member. Spring Living Retirement Communities will act as Marlin Spring’s dedicated platform to own and operate a growing portfolio of Retirement Communities across North America.
Spring Living Retirement Communities has acquired eight retirement residences from Revera, located in Richmond Hill, Oshawa, Mississauga, Kitchener and Ottawa, with over 580 suites, and welcomes more than 400 team members. Its existing two Retirement Communities, located in Burlington and Watertown, will be consolidated under the Spring Living brand.
Spring Living Retirement Communities will continue to seek acquisition opportunities to expand its portfolio across North America, primarily with residences which would benefit from strategic repositioning programs. The company is focused on creating value by enhancing the quality of living options available for residents while maintaining accessible price points. Spring Living is dedicated to the health, safety, security and well-being of residents and team members and strengthening relationships with local communities in which they serve.
“We are very pleased with the launch of Spring Living Retirement Communities and feel privileged to welcome Lois Cormack as a partner to lead the entire Spring Living management team,” said Benjamin Bakst, CEO of Marlin Spring and Board Member of Spring Living. “It gives us great satisfaction to establish a company which will be focused on providing an improved living experience and better value for the growing seniors sector. This new venture aligns with Marlin Spring’s mission to deliver exceptional value to all our stakeholders with an uncompromising adherence to our core values.”
Lois most recently served as President and CEO of Sienna Senior Living, one of Canada’s largest senior operators, where she led the successful acquisition, financing and integration of over 30 retirement residences, establishing a sophisticated operating platform while achieving a high level of employee and resident satisfaction. In 2014 and 2015, Lois Cormack was named one of Canada’s top female entrepreneurs in Profit/Canadian Business’ W100.
“I am excited with the opportunity to lead the expansion of the Spring Living Retirement Communities portfolio and to work with a very experienced leadership team, creating a great culture with team members who are passionate about working with seniors and making a significant impact,” said Lois Cormack, CEO. “This is an opportunity to provide a unique service delivery option for seniors and a great career path for team members who want to grow with us.”
About Marlin Spring
Marlin Spring is a Toronto-based real estate investment firm, which strategically acquires, develops, constructs and repositions assets throughout North America. Since 2013, Marlin Spring has seen substantial growth, having acquired over 30 projects, consisting of 9,000 residential units which are currently in various stages of development, construction, repositioning and completion across Canada and the United States. With a portfolio of over 8 million square feet of residential GFA and an estimated completion value of over $4.3 billion, Marlin Spring has been one of the more active investors in both development and the multifamily residential sector. Marlin Spring has over 100 real estate professionals involved in all aspects of the acquisition, development, construction and asset management of its portfolio.
For more information: www.marlinspring.com
About Spring Living
Spring Living owns and operates retirement communities situated in established residential neighborhoods throughout Canada. Spring Living’s mission is to create warm, welcoming and secure environments for residents, foster caring connections, and provide personalized services by team members who are committed to making a significant impact every day. Spring Living’s vision is to provide unique and caring communities where everyone is supported to reach their fullest potential. At Spring Living we are passionate about your well-being.
Spring Living is the Retirement Community platform of Marlin Spring, a Real Estate company that strategically acquires, develops, constructs and repositions assets throughout North America.
For more information: www.springliving.ca
Rivki Mandelbaum, Director, Corporate Strategy & Communication, Marlin Spring
T: 416.619.3550 x346