Mr. Grundstein has over 28 years experience in real estate development, with 17 years experience in the retirement industry. From 1993 through 1997, he was a founder, principal and senior officer in Merrill Gardens, a chain retirement communities with approximately 2,000 operating units and another 900 units under development. Under his guidance at Gencare, Mr. Grundstein received funding for the first senior housing forward commitment by Fannie Mae. As President of Gencare, Inc., Mr. Grundstein also obtained the first single asset rehabilitation and construction loan from the Washington State Housing Finance Commission Bond program.

Between 1986 and 1993, he was president of Gencor, Inc. and a principal in Gencor Development Inc., two companies that developed, acquired and managed Congregate Care Facilities for the elderly. Prior to 1986 Mr. Grundstein operated his own company specializing in medical office building, apartment and retail development.