What are your predictions and New Year’s resolutions, personally and professionally, for 2022? The rebound is inbound By Robert Chapin CEO, Co-Chief Investment Officer, Seniors Housing & Medical Properties Bridge Investment Group The for-rent, private-pay seniors housing industry has come through the most challenging period in its history. I predict, as we emerge from the bottom, our product and service offerings in 2022 and beyond are more relevant and valuable than ever before. We will see the market embrace our product through a more positive lens for the best care, …
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior …
By Phillip Joseph and Gabriel Coelho, Ball Janik Tragedies often guide reform and progress. After the Champlain South Tower condominium in Surfside, Florida, collapsed, attention has focused on preventing similar future tragedies. There is a renewed focus on ongoing oversight, construction and inspection of residential towers throughout Florida, especially for vulnerable members of society. Recertification requirements Let’s begin with a brief introduction to the recertification requirements discussed in the aftermath of the Champlain South collapse. Surprisingly, recertification is not a state requirement, but a Miami-Dade County creation enacted in 1974. …
By Meagan Rohan, Vice President of Sales, Caremerge The senior living industry is dealing with a severe staffing problem. According to a survey by the American Health Care Association (AHCA) released in September 2021, only four percent of assisted living communities are fully staffed. These shortages aren’t just impacting the day-to-day operations of these communities, but the viability of their businesses. The AHCA survey also found that over 60 percent of nursing homes and assisted living communities are concerned staffing shortages will force them to close. I’ve spent my career …
By Barbara Morrison, founder and president, TMC Financing According to the Centers for Disease Control and Prevention (CDC), there are around 28,900 residential care and assisted living facilities in the U.S.. The majority of the facilities are well established and contribute greatly to the country’s social and economic fabric. However, despite the importance of these facilities in our society, they often struggle to find affordable financing to expand or improve their services. Fortunately, the Small Business Administration (SBA) 504 loan program provides an affordable way to obtain funding for building …
By Matt Canterbury, President of Development, Homestead Cos. Seniors housing is seldom part of the broader economic development conversation. And when it is, affordable independent living communities are seldom recognized for their value to a city or town. Sometimes, they’re even resisted. This is a mistake that hurts older Americans and the communities in which they live. By 2030, our industry expects 10 million baby boomers — second only to seniors staying in their own homes — to be housed in independent living arrangements. While the majority of Americans 55 …
ANNAPOLIS, Md. — Seniors housing occupancy increased for the second consecutive quarter and rose to 81 percent in the fourth quarter of 2021, a 100 basis-point increase from the third quarter and a 230 basis-point increase from a pandemic-related low of 78.7 percent in the second quarter. By comparison, the occupancy rate was 87.8 percent in March 2020, the first full month of the COVID-19 pandemic. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data …
PHILADELPHIA — One statistic in the seniors housing industry that seems to have always held strong is a 10 percent penetration rate. In other words, out of the entire pool of potential buyers, only 10 percent become residents. David Smith suggests that the industry can do better. “Only 10 percent agree to move in, and most of that 10 percent are the people in the highest urgency, who have a crisis, who really have little or no choice. The choice of whether to move has essentially been taken away,” said …
ALEXANDRIA, Va. — Experiencing the headwinds of the pandemic and the enormous changes brought to the senior living industry, the Argentum board of directors has launched an industry and association visioning and strategic planning process to meet the challenges and opportunities ahead. To ensure objectivity and inclusiveness in the process, Argentum selected THRUUE Inc., a strategy and culture consulting agency, whose former clients have included AARP and LeadingAge. THRUUE was selected due to its team’s deep knowledge and experience in strategic planning processes and a differentiated approach to aligning an …
After a pause in seniors housing acquisitions in 2020 as a result of the COVID-19 pandemic, it appears volume is back to normal, according to experts within the industry. “Before the pandemic started, volume was pretty good for acquisitiions and there was an ample pool of buyers out there,” said JP LoMonaco of Valuation & Information Group. “Debt and equity were available from among the widest variety of sources I’ve seen in a long time. Then we had the pandemic and everything came to a screeching halt.” LoMonaco’s comments came …