Carl Mittendorff is Chief Investment Officer for The Freshwater Group and its affiliate, Watermark Retirement Communities. Together the companies currently own and operate 35 assets and 7600 beds across 20 states, making them the 20th largest seniors housing operator in the United States according to the American Seniors Housing Association in 2013. Mr. Mittendorff has over 13 years of experience in real estate investing and development with a focus on the seniors housing industry. He is responsible for sourcing and directing all of Watermark’s acquisitions and development initiatives as well as structuring the company’s equity and debt. Since joining the team in 2006, Mr. Mittendorff has directly managed the acquisition or recapitalization of over $600M, 20 assets, 3300 beds, across 11 states, ranging from smaller-sized communities with assisted living and memory care to larger scale classic LifeCare communities and CCRC’s. His transaction experience encompasses a range of investment risk profiles including complex repositioning and turnaround transactions, ground-up development projects, and also stabilized “core” asset acquisitions.
Mr. Mittendorff has negotiated a range of capital structures including multi-tiered equity joint ventures, senior debt (various balance sheet lenders, Freddie Mac, and HUD), mezzanine debt and preferred equity, REIT financing (both NNN lease and RIDEA), plus the emerging EB5 “green card” source for development equity. Mr. Mittendorff is responsible for leading the company’s financial analysis including opportunities to evaluate acquisition, risk profile, investment performance, development feasibility, economic sensitivity, disposition, and capital structure alternatives.
Mr. Mittendorff's honor’s thesis was published in Public Policy Studies while earning his bachelor’s degree in economics from The University of New Mexico. He has been a licensed real estate qualifying broker, a member of four real estate boards, a certified mediator, and a CCIM candidate.