Spotlight: Bourne Financial Group and Its Private-Pay Seniors Housing Funds
The Winter Park sponsor was founded in 2014 by the executive who spent four decades building CNL Financial Group, and it has staffed much of its senior bench from the same place.
September 14, 2026
Bourne Financial Group develops, acquires and operates private-pay seniors housing, and sponsors the funds, private offerings and Delaware statutory trusts that hold it. The firm reported more than $1 billion in assets under management across over 3,000 units in 18 states as of May 2025, and says it has closed seven growth and total-return funds along with numerous private offerings and DSTs.
Chief Executive Robert A. Bourne spent more than 40 years building CNL Financial Group alongside James M. Seneff, Jr. before co-founding Bourne Financial Group in 2014, serving as vice chairman and as a director of many CNL-sponsored funds. According to Bourne Financial Group, CNL formed or acquired companies holding approximately $30 billion in assets, among them National Retail Properties (NYSE: NNN), CNL Hotels & Resorts, sold to a Morgan Stanley affiliate in 2007, and CNL Retirement Properties, sold to HCP in 2006.
Several senior staff came from the same firm. Connie Lowry, now a project specialist and Bourne Financial Group’s CFO through December 2018, spent nearly 25 years at CNL, including as CFO of its broker-dealer and as the senior vice president overseeing accounting and SEC reporting for 21 public non-listed REITs and real estate limited partnerships. Jade Miller, who structures the investment programs and runs distribution, joined from the CNL Securities sales desk. Chief Investment Officer Stephen K. Case underwrote acquisitions at CNL for two years.
What the offerings hold
Bourne Financial Group opened four communities between 2022 and 2024: Harper’s Station of Gainesville, a 192-unit community in the Washington suburbs; Indigo at Carolina Forest in the Myrtle Beach submarket; Magnolia Bridge at Murrells Inlet, South Carolina; and Symphony Park, an independent living community in Huntersville, North Carolina.
The strategy of one flagship fund is to acquire underperforming seniors housing from stressed or over-leveraged owners. As of January 1, 2025, that fund held two communities, one in Bluffton, South Carolina, bought in October 2023, and one in Knoxville, Tennessee, bought in May 2024. Investors accrue a 10.0% preferred return from the date they are admitted, which the firm states as annualized and non-compounding, with no assurance the objective will be met. Bourne Financial Group raised the fund’s distribution effective January 1, 2025, and notes that distributions are paid from operating cash flow, with an obligation under the memorandum to break out the components should they come from any other source. Case said at the time that the Bluffton community was performing roughly two years ahead of the firm’s projections on a yield-on-cost run rate.
In May 2025 the firm reported increased distributions in one flagship fund and special distributions in two friends-and-family offerings, citing NIC MAP data putting sector occupancy at 88% in the first quarter of 2025 and construction at 2.5% of existing inventory, against a 2018 peak of 7.2%.
Owning a piece of the operator
Bourne Financial Group holds an interest in the management company that runs its communities, and staff sit on both sides of it. Dave Richey is senior vice president of asset management at Bourne Financial Group and chief operating officer of the operating company. Chief Accounting Officer Justin Domeck covers Bourne Financial Group, the Bourne Seniors Housing funds, their communities, and the operator. Accounting Manager Kristen Kielkucki handles two Bourne funds and two Delaware statutory trusts, and works on the operator’s Yardi administration.
Distribution and the current bench
Equity reaches the firm through broker-dealer, RIA and institutional relationships under Miller, who has launched and closed nine private placements and led six Bourne offerings since joining in March 2018. Investors and advisors work through a Cobalt Investment Services portal, where K-1s sit under the Files tab, and a single form covers address and distribution changes, change of representative or broker-dealer, and transfer-on-death designations.
The investments and asset management bench has shifted toward seniors housing specialists over the past two years. Sam Teper arrived from Kaufman Jacobs in June 2024, Cole McCammack from Cambridge Innovation Center and earlier Focus Healthcare Partners and Ventas in April 2025, and Nehal Patel from Harrison Street in August 2025.
