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New Senior completes management internalization

Healthcare real estate investment trust New Senior Investment Group finalized the internalization of its management function, with effect from Jan. 1.

The company terminated its external management agreement with Fortress Investment Group LLC's affiliate, FIG LLC, as a result of the restructuring.

Following the internalization, Wesley Edens, co-founder and co-CEO of Fortress, stepped down from the REIT's board of directors, while David Smith and Bhairav Patel were appointed as CFO and executive vice president of finance and accounting, respectively. Susan Givens will serve as the REIT's CEO.