Author

Jeff Shaw

Assisted LivingDevelopmentFloridaNews

Quality Senior Living Starts Construction of $35M The Blake at St. Johns in Florida

by Jeff Shaw

ST. JOHNS, Fla. — Quality Senior Living (QSL) has started construction of The Blake at St. Johns, an assisted living and memory care community in St. Johns, a southern suburb of Jacksonville. The community, which QSL Management will operate, features 70 assisted living apartments and 48 memory care apartments. Development costs are estimated at $35 million. The two-story, 115,000-square-foot building is designed around two landscaped interior courtyards. Arrive Architecture Group designed the project. The Blake at St. Johns is part of a planned development that includes St. Thérése, an early-learning …

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Company NewsFinanceNews

Diversified Healthcare Trust Defaults on Credit Facility as Appraised Value of Collateral Properties Declined 22 Percent

by Jeff Shaw

NEWTON, Mass. ­— Diversified Healthcare Trust (NASDAQ: DHC), a Newton-based REIT, has announced that a non-monetary event of default has occurred under its $450 million credit facility. The facility requires DHC to maintain collateral properties with an aggregate appraised value of at least $1.09 billion. The facility allows the facility’s administrative agent to periodically reappraise the collateral properties. On June 23, the administrative agent notified DHC that the reappraised value of the 61 medical office and life sciences properties securing the facility had declined from $1.34 billion to $1.05 billion, …

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FeaturesNews

New ASHA Survey Details Baby Boomers’ Seniors Housing Priorities

by Jeff Shaw

WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has released a new report detailing the senior living priorities of the baby boomer generation, members of which will largely be the industry’s residents for the next 25 years. “In the years to come, many of the nation’s 76 million baby boomers will transition into seniors housing,” says David Schless, ASHA president and CEO. “It’s imperative that industry leaders understand the baby boomers’ expectations so they can meet their needs and position themselves for success.” The report — “Boomers and the …

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Assisted LivingDevelopmentMichiganNews

Commonwealth Senior Living Completes $6.5M Community Expansion in New Baltimore, Michigan

by Jeff Shaw

NEW BALTIMORE, Mich. — Commonwealth Senior Living has completed a $6.5 million expansion of its community in New Baltimore, located near Anchor Bay approximately 30 miles northeast of Detroit. The renovations to Commonwealth Senior Living at New Baltimore included a two-story addition, enlarged common areas and a capacity for 23 additional residents in memory care and 45 in assisted living.

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DelawareNewsPeople

LCS Names Kristopher Brown as Executive Director of Millcroft Living in Newark, Delaware

by Jeff Shaw

NEWARK, Del. — Life Care Services has named Kristopher Brown as executive director of Millcroft Living, a seniors housing community in Newark, located between Philadelphia and Baltimore. Brown 20 years of experience, starting as a caregiver. He earned a degree in health sciences with a minor in physics and then became a certified-dementia practitioner.

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DevelopmentFrom The MagazineOperations

The Art of Turning Around Troubled Properties

by Jeff Shaw

Owners and operators test new strategies and scrutinize all expenses as the number of financially beleaguered assets multiplies. By Jane Adler Despite encouraging signs of a seniors housing turnaround, the challenging operating environment is creating an uptick of troubled properties in need of their own turnaround.  The triple whammy of the pandemic, rising interest rates and higher expenses has hit the sector hard. Margins are squeezed and valuations are depressed. What’s more, the recent banking crisis and the growing prospects for a recession have added to financial pressures.  “There’s a …

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Affordable HousingDevelopmentFrom The Magazine

The Affordable Housing Gap

by Jeff Shaw

With high inflation eating away at personal savings, the number of low-income seniors is growing and LIHTC development struggles to keep up. By Jeff Shaw Today’s high inflationary environment is tough on everyone, but persons of limited financial means are getting hit the hardest. Most affordable seniors housing properties are fully occupied with a long waiting list, signaling that there is a strong need for the product. But the myriad issues facing the commercial real estate industry — especially rising construction costs — have an outsized impact on affordable housing …

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Company NewsDevelopmentFrom The Magazine

Cogir, Cadence Are Bigger, Better Together

by Jeff Shaw

With its acquisition of Cadence Living, Cogir Senior Living is building a company with wide-ranging expertise. By Jeff Shaw In a time when large-scale, entity-level acquisitions have been nearly non-existent, Cogir Senior Living’s acquisition of Cadence Living in November stood out. Both companies have a focus on the West Coast, and the combined total number of units is approximately 8,000 across nine states, making the company the 21st largest operator in the United States. Cogir is the Sacramento-based subsidiary of Cogir Services LP, a Montreal-based real estate company operating over …

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Industry VoicesOperations

Art is a Necessity, Not a Luxury

by Jeff Shaw

Well-thought-out art can improve resident health and increase property reputation. By Rochelle Mills As the president and CEO of Innovative Housing Opportunities (IHO), a developer of affordable and permanent-subsidized housing, I’m passionate about the beneficial role that art can play in uplifting the communities in multifamily housing developments, especially seniors housing.  When I joined IHO in 2006, then-board president Mary Watson-Bruce, a Ph.D. in geriatrics, emphasized to me the importance of the arts on well-being, mental health, sense of calm, blood pressure and more for the senior population. At the …

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Industry VoicesOperations

The SHB Interview: Caryl Ridgeway, CEO, Milestone Retirement Communities

by Jeff Shaw

From baking to disaster relief, a diverse background and passion for senior care informs this operator’s decisions. By Jeff Shaw To say that Caryl Ridgeway has a diverse background, or that she got an early start on her career, would be an understatement. Currently the CEO of Milestone Retirement Communities, a Vancouver, Washington-based operator founded in 2008, Ridgeway became a certified nursing assistant (CNA) at age 15. She was inspired by her visits to the local nursing home in Oklahoma City with her grandmother. That same grandmother also inspired Ridgeway’s …

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