Author

Jeff Shaw

AcquisitionsIndependent LivingNewsTexas

SLIB Brokers Sale of 300-Unit Independent Living Community in Houston

by Jeff Shaw

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community is approximately 206,000 square feet in total and is situated on approximately 7.6 acres of land. The seller is an owner-operator that wanted to sell a non-core asset to focus on its senior living and skilled nursing assets. The buyer is a California-based real estate owner. The price was not disclosed. The buyer hired a third-party manager that operates several independent living communities in Texas. The property shares services …

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Company NewsNews

Sunrise Senior Living Appoints Jeff Kuster to Board of Directors

by Jeff Shaw

MCLEAN, Va. — Sunrise Senior Living, a McLean-based operator, has appointed Jeff Kuster to its board of directors. Julie Dobson, who has served on Sunrise’s board since 2018, was also named chair. She succeeds Jeff Lozon, who is retiring and rotating off the Sunrise board after seven years of service. Kuster has more than 30 years of global leadership and brand experience and currently serves as chief executive officer at Canyon Ranch, a wellness guidance company with resorts and retreats where guests are guided by experts across a range of …

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Affordable HousingDevelopmentFrom The Magazine

Developers Reinvent Adaptive Reuse

by Jeff Shaw

Creative projects tackle many of the biggest trends in seniors housing, such as multigenerational living, affordability, downtown locations and walkable neighborhood amenities. By Jeff Shaw Adaptive reuse projects are a tricky proposition for seniors housing developments, with a long list of both pros and cons.  On the positive side, a historic building that is valued in the community may find new life. Historic tax credits become available to help a project pencil out and increasing construction materials costs are mitigated by reusing an existing structure. Additionally, by reusing an existing …

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From The MagazineOperations

The Rise of the Regionals

by Jeff Shaw

Regional owners and operators are enjoying a goldilocks moment as local hands-on management gains favor in the wake of the pandemic. By Jane Adler Regional companies may have found their sweet spot.  Last October, the real estate investment trust Ventas (NYSE: VTR) announced that it would transition operations of 90 of its owned senior living communities from Eclipse Senior Living to eight regional operators. Chicago-based Ventas said in a statement at the time that the communities had been adversely affected by the COVID-19 pandemic and would be best positioned for …

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FinanceFrom The Magazine

A New Finance Landscape

by Jeff Shaw

Bridge lending spikes as owners and operators look for short-term solutions coming out of the pandemic, which could portend an increase in permanent and agency loans. By Jeff Shaw Although senior living occupancies remain low and have been slow to recover in the wake of the COVID-19 pandemic, many owners and operators are looking to execute long-term business plans. Whether for renovations, expansions or simply operating capital to ride out the pandemic’s long-term effects, borrowers need bridge loans to achieve this goal. Average private-pay seniors housing occupancy increased 20 basis …

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DevelopmentIndustry Voices

How Biophilic Design Impacts Living Well

by Jeff Shaw

Giving residents a front-row seat to nature has a positive effect on their lives.  By Amy Cheever Throughout history and across cultures, architects have drawn inspiration from nature to emulate a sense of well-being, serenity and connection within their finished space — evoking similar feelings and sensory perceptions as the awe of the natural world. This process is known as the immersive integration of biophilic design, a concept utilized by architects to respond to the innate need of humans to connect to nature through direct and indirect exposure.  Biophilia was …

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Industry VoicesInvestment

The SHB Interview: Arnie Whitman, Executive Chairman, Formation Capital

by Jeff Shaw

Longtime investor seeks technologies that will transform the way seniors and healthcare intersect. By Jeff Shaw Though his career has largely focused on the capital markets end of seniors housing, Arnie Whitman is much more than just a money man. “It’s more about making a difference than making a buck,” he says. Whitman entered the seniors housing industry in 1984 when he was hired to lead an acquisitions team for real estate investor and nursing home magnate Abraham Gosman. The company, Meditrust, was trying to go public. Although Whitman had …

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Industry VoicesInvestment

Question of the Month: Time to Invest?

by Jeff Shaw

How do you know whether to keep your powder dry or jump back into the investment/development markets? Buying, but not building Rick Shamberg Managing Director Scarp Ridge Capital Partners Our firm has taken a bullish approach to the acquisition market in senior living and a more conservative approach to development opportunities. Given the dislocation and interruption stemming from the pandemic, including pressure on sponsors (which in some cases has translated to more reasonable valuations), pent-up demand from consumers, high construction costs for new development, and a general lack of new …

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FinanceFrom The Magazine

COVID Aftereffects Slow HUD Deal Volume

by Jeff Shaw

Mounting financial pressures on operators, combined with rising interest rates, leads to protracted transaction process. By Matt Valley A significant drop-off in the production of HUD 232/223(f) loans — popular with borrowers acquiring or refinancing skilled nursing, assisted living and memory care facilities — has lowered expectations for overall deal volume in the HUD LEAN Section 232 mortgage insurance program for fiscal year (FY) 2022.  The consensus among HUD lenders is that the total dollar amount in annual loan closings will fall short of the $3.9 billion notched in FY …

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Affordable HousingDevelopmentNew YorkNews

Breaking Ground Opens Betances Residence Affordable Community in the South Bronx

by Jeff Shaw

NEW YORK CITY — Breaking Ground has opened Betances Residence, an affordable supportive living community in the South Bronx area of New York City. The community features 152 units in a 120,000-square-foot buildingin the Mott Haven neighborhood. Betances is Breaking Ground’s first Passive House-certified project, and among only a handful of supportive residences in the city to embrace the energy use standard. The Betances development is part of a commitment by the New York City Housing Authority (NYCHA) and New York City Department of Housing Preservation and Development (HPD) to …

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