Author

Jeff Shaw

AcquisitionsIndianaNews

Kandu Capital, Bloom Senior Living Purchase Two Communities in Indianapolis Out of Receivership

by Jeff Shaw

INDIANAPOLIS — Kandu Capital and its operating company, Bloom Senior Living, have acquired two senior living communities in Indianapolis out of a Fannie Mae receivership.  With the move, Bloom expands its Indiana footprint to five communities. After strategically divesting $110 million of skilled nursing and behavioral health assets at peak pricing up to $225,000 per bed, Bloom has opportunistically redeployed capital into seniors housing at $30,000 per unit. Bloom is capitalizing on new distressed opportunities while its current portfolio is outpacing pre-pandemic levels and industry fundamentals are strengthening.  Blueprint represented …

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AcquisitionsIndependent LivingMinnesotaNews

SLIB Negotiates Sale of 120-Unit The Wellington in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Wellington, a 120-unit independent living and assisted living community in St. Paul. The community was built in 1985 and encompasses 124,468 square feet on 1.7 acres. The seller was a multifamily owner/developer looking to focus on its market-rate portfolio. The buyer was a large seniors housing nonprofit looking to expand its footprint in Minnesota. The price was not disclosed. The buyer plans to convert the building to all independent living. Jason Punzel and Jake Anderson …

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Assisted LivingNewsOperationsSouth Carolina

SRI Management Takes Over Operations at Vineyard Bluffton in South Carolina

by Jeff Shaw

BLUFFTON, S.C. — SRI Management, in conjunction with Bourne Financial Group, has taken over operations of Vineyard Bluffton in the coastal town of Bluffton. Vineyard Bluffton offers 63 assisted living units and 32 memory care units near the scenic coastal region of Hilton Head Island. The Vineyard Bluffton community is the sixth senior living community for SRI Management in South Carolina. Five are operational, with one currently under construction.

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DevelopmentFrom The Magazine

Developers Devise Solutions for the Missing Middle

by Jeff Shaw

By Bendix Anderson The problem can seem too big to solve. Many seniors can’t afford private-pay seniors housing, such as independent living, assisted living or memory care. But millions of those potential residents also have too many financial resources to move into housing reserved for low-income seniors. By 2029, there will be 14.4 million of these “missing middle” seniors.  A few developers have new ideas about where these seniors might live. The prototypes of their new middle-market seniors communities are now under construction. From licensed assisted living in Florida to …

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From The MagazineOperations

Welcome Back, NOI

by Jeff Shaw

While rising occupancies and improving cash flows buoy owners and operators, questions remain whether net operating income will ever completely recover. By Jane Adler After several years of punishing declines, net operating income (NOI) — defined as operating income minus expenses — is slowly climbing back. As a vital metric used to assess the profitability and value of a property, any improvement in NOI is a good sign for the health of the sector. Seniors housing occupancy has been on the upswing for eight consecutive quarters, boosting revenues.  The occupancy …

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From The MagazineInvestment

REITs Keep a Sunny Disposition

by Jeff Shaw

By Jeff Shaw By many metrics, it has been a slow couple of years for REITs immersed in the seniors housing segment.  The volume of acquisitions and dispositions by REITs in 2022 was the lowest in at least a decade, according to MSCI Real Assets. The expectation is that 2023 is going to be another down year for transaction volume.  Publicly traded investors made approximately $2.5 million in acquisitions and dispositions in 2022, dropping from $12.7 billion in 2021. As recently as 2015 that number was over $15 billion. But …

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FinanceFrom The Magazine

Capital Corner: Lenders Ride Out the Storm, See Brighter Days Ahead

by Jeff Shaw

By Matt Valley Heading into 2023, Lument’s Aaron Becker anticipated a challenging year for lenders and borrowers due to the sharp rise in interest rates, but he underestimated the level of difficulty. Capital providers tightened underwriting standards more than expected, which negatively impacted deal volume. U.S. property and portfolio sales in the seniors housing sector, excluding skilled nursing, totaled $3.27 billion during the first half of 2023 compared with $4.57 billion during the same period in 2022, according to MSCI Real Assets.  That’s a 28 percent decline in deal volume …

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Industry VoicesOperations

Dedication to Servant Leadership is the Key to Senior Living’s Recruitment Challenges

by Jeff Shaw

By Earl Parker Recruitment and retention of talented individuals is one of the greatest challenges facing the senior living industry right now.  The COVID-19 pandemic placed enormous pressures on the healthcare and senior living industries, forcing millions of professionals to change employers or careers entirely. With demand for senior care increasing daily, it is essential that providers rethink their strategies for recruitment and focus on the cultural characteristics that have become increasingly important for today’s workforce.  Today’s workforce wants value, they want purpose, they want to be servant leaders.  What …

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Industry VoicesOperations

Unlock the Hidden Value of Business Operations

by Jeff Shaw

By Seth Walker When I was brought aboard SRI Management by CEO Don Bishop, I was determined to prove the immense value that lies within business operations. To make this happen, I knew I needed to start by introducing tools that better measured key aspects of the operations and in as close to real-time as possible.  As an operator and third-party manager, I’ve discovered that improved business operations can drive significant savings and add value for owners and investors. Focus on the business aspects Traditionally, senior living has revolved — …

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FinanceIndustry VoicesLegal Issues

Don’t Let Assessors Use Finance Valuations for Taxes

by Jeff Shaw

By Steve Nowak, Esq. Appraisal methodologies for financing seniors housing properties factor in more than real estate to produce amounts that exceed property-only value. That means seniors housing owners may be paying real-estate taxes on non-real-estate assets.  Everyone can agree that a senior living operation — whether independent living, assisted living, memory care, skilled nursing or some combination — consists of a variety of assets. There are real estate assets (the land and building); personal property assets like furniture and kitchen equipment; and intangible business assets such as the work …

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