LANSING, Mich.— The national Moving Forward Nursing Home Quality Coalition and the Michigan Health Endowment Fund have launched an initiative to improve nursing home operations and resident quality of life in Michigan. Over the next six months, the initiative plans to convene a team of state government leaders, experts, clinicians, advocates and residents along with national Moving Forward Coalition leaders to address nursing home quality improvement opportunities in Michigan based on action plans from the coalition. The initiatives may include creating stronger career pathways for certified nursing assistants. “The enormous …
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 …
Owners and operators considering an exit strategy today face a challenging economic environment. Higher interest rates have slammed capital markets. Valuations are in flux. Transactions have slowed. And the pool of potential buyers has dwindled. As an alternative to an outright sale to a third-party, an often-overlooked option is an exit to an employee stock ownership plan (ESOP). These plans allow business owners to sell all or part of the company’s stock to employees, allowing owners to diversify wealth away from the business while limiting their future liability. Ultimately, …
DALLAS — Developers in the active adult sector are subject to the same struggles as any other sector. Interest rates are as high as they’ve been since before the Global Financial Crisis of 2008, making construction financing difficult to attain. Construction costs, both for labor and materials, have skyrocketed since the COVID-19 pandemic began. Quality sites are few and far between. But for developers that can overcome those challenges, there has rarely been a market as ripe for new construction as active adult, according to Michael Hartman, principal of active …
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Your Caregiver Team Includes the Building Itself
While seniors housing operators grapple with occupancy issues, labor challenges and margin squeeze, the building’s role within the industry is sometimes overlooked. But innovative building design and new technologies can help improve staff efficiency, optimize resident care and increase revenue. “The senior living industry is evolving,” says Gaurie Rodman, vice president of real estate strategy and development at Direct Supply, a provider of equipment and services to the senior living and healthcare industries. “Buildings are taking on a role beyond shelter.” New building designs are being created through an efficiency …
NEW ORLEANS — While the COVID-19 pandemic was a tragic and challenging time for seniors housing operators, many are now looking at the ways the industry can improve as a result. Those operators can see, in retrospect, how the way they were forced to respond to the crisis will pay dividends for years. “We’re looking at adjustments that should’ve always been done this way,” said Stephanie Harris, CEO and principal at Arrow Senior Living. “That’s one of the silver linings from COVID.” Harris made her comments during the “Insights From …
DALLAS — Aging is something that happens to all of us physically, but according to some residents at active adult communities in the Dallas-Fort Worth (DFW) area, the psychological and emotional difficulties of growing older are easier to bear in the company of others. Operators of this asset class are making this possible by delivering products and services that reflect the name “active adult.” Shared fitness classes, walking groups, book clubs, card games, communal gardening and organized shopping trips are but a few of the ways in which active adult …
TAYLORSVILLE, Utah — D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the arrangers, the proceeds will be dedicated toward ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency. Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista offers a full continuum of care, including independent living, …
DALLAS — Investors are drawn to the fledgling active adult segment for several reasons, according to Caroline Clapp, senior principal, research and analytics, for the National Investment Center for Seniors Housing & Care (NIC). For starters, it’s a new property type and emerging market that is relatively easy for prospective owners and operators to enter. The average resident turnover per year at an active adult property is 20 percent versus 50 percent for a traditional multifamily community, NIC research shows. The average length of stay at active adult communities is …
NEW ORLEANS — Although the proposed Safeguarding Elderly Needs for Infrastructure and Occupational Resources (SENIOR) Act never was passed by the federal government in 2022, the fight isn’t over. The goal of that act is to establish a $100 billion fund that builds upon critical infrastructure demands for infection prevention and control; invests in broadband and telehealth capabilities; creates a sustainability fund to ensure seniors’ long-term care needs are exceeded; and invests in workforce training and development. Argentum, an association for professionally managed senior living communities, hopes to bring back …