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Benchmark Assisted Living Recruits Seasoned New England Real Estate Executive for President’s Role Boston – (November 8, 2006) – Benchmark Assisted Living Chairman and CEO Thomas H. Grape announced today that veteran real estate executive Fred N. Pratt will join him in leading New England’s largest assisted living company as president. Pratt has more than 35 years of real estate experience and is highly-regarded in the New England real estate and financial industries. The former chief executive officer of Lend Lease Real Estate Investments US, Pratt is most widely known for the founding and development of real estate investment firm The Boston Financial Group. Under Pratt’s leadership, the business grew to become a leading real estate investment manager, operator and service provider. An employee-owned firm, Boston Financial managed real estate investments for a large and diversified national client base, served as a mortgage correspondent for institutional clients, property managed one of the largest apartment portfolios in the US, provided real estate investment banking services, operated a small portfolio of senior/assisted living communities, and provided insurance services to the real estate industry. Pratt joined Lend Lease, one of the largest real estate investment managers in the United States and a leading advisor to institutional investors, in 1999 when the company acquired Boston Financial. Pratt has also been a long-time member of Benchmark Assisted Living’s board of directors. “Benchmark has just landed one of the brightest and most influential real estate professionals on the East Coast to assist us in achieving an even higher standard,” said Grape. “With Fred’s strategic insight, business acumen and customer-centric viewpoint, we are sure to exceed our customers’ expectations and develop a new housing model that will be especially appealing to the coming wave of baby boomers.” Pratt will oversee day-to-day operations for the 43-community senior living organization. He will spearhead new strategic endeavors, including possible acquisitions and new developments. “I have long played a peripheral role in the life of Benchmark as a member of the board of directors. This is a very exciting opportunity for me to become intimately involved in the daily workings of the organization and position the company for exceptional success well into the future,” said Pratt. “I look forward to meeting the residents who currently enjoy a Benchmark residence and working with the associates instrumental to the company’s current position as a model for assisted living companies nationally.” Pratt serves as a director of Municipal Mortgage & Equity LLC, a NYSE company, and as a member of the Advisory Committee of the Massachusetts Institute of Technology Center for Real Estate. He is also a member of the Project Hope Advisory Council. Pratt is a former trustee of Lend Lease Funds (a real estate mutual fund, Berkeley, CA), Lend Lease Office Trust (a public real estate trust, Sydney, Australia), and Pioneer Real Estate Shares (a mutual fund, Boston, MA). He is the former vice-chairman of the Executive Committee of the National Realty Committee (now Real Estate Roundtable), a former member of the Federal Home Loan Bank of Boston Affordable Housing Advisory Council, and a former trustee of the Chestnut Hill School. About Benchmark Assisted Living ###
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