PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

Home Browse Search

be subordinate to the payment of principal of and interest on the Series 2001 Bonds. Furthermore,during the term of the Management Agreement,Manager shall also be paid as a marketing fee three hundred and fifty dollars ($350) for the initial resident lease of each unit, but not for subsequent leases of previously occupied units. Manager. The Manager was organized as a Minnesota corporation in 1988. The Manager is a marketing and property management firm based in the Twin Cities area. The Manager currently manages approximately 770 senior housing units in Minnesota. The Manager and its affiliates have developed and/or operate the following senior housing properties in the Twin Cities area: St. Therese Hopkins, MN River City Center Shakopee, MN The Hamilton Savage, MN Centennial Hill Chanhassen, MN Chauncey Barret Apartments Centerville, MN The Willows Ham Lake, MN Broadway Court Robbinsdale, MN Savannah Oaks Ramsey, MN Currently the Manager is planning the following project, in addition to the Project: Phillips Square New Prague, MN The following are key management and administrative staff of the Manager: Michael B. Pagh, President. Mr. Pagh oversees and coordinates all aspects of marketing,management and administration for the Manager. Mr. Pagh is a graduate of the University of Minnesota with a B.A. in economics and business administration. His most recent prior position was as a Regional Vice President for Security Pacific Mortgage Corporation where he was in charge of real estate lending and mortgage brokerage in the five-state upper Midwest region. Mr. Pagh is a licensed real estate broker and has served as President on the Board of Directors of Minnesota Multi-Housing Association. Mary Beth Davis, Director of Senior Housing. Ms. Davis is responsible for overseeing the management and marketing for Senior Housing and Assisted Living developments in the Great Lakes Management portfolio. In addition, she is responsible for the establishment of appropriate human service programs and initiatives at these properties. Ms. Davis holds a master's degree in Human and Health Services Administration and has over twelve years of experience in management and service coordination in senior apartment communities. Ms.Davis is the past Chair of the Home Care Assisted Living and Community Based Services Work Group for the Minnesota Health and Housing Alliance as well as being a frequent guest speaker at various seminars for MHHA. Ms. Davis has been an employee of the Manager for 10 years.