MARYLAND — Oxford Finance LLC (“Oxford”) has provided a $124.8 million senior credit facility for the acquisition of four Autumn Lake Healthcare skilled nursing facilities totaling 520 beds in Maryland. Autumn Lake Healthcare maintains a network of independently owned and operated nursing homes and rehabilitative care centers across Connecticut, New Jersey, Maryland, West Virginia and Wisconsin. Further details were not disclosed.
ALEXANDRIA, Va. — Argentum, an Alexandria-based association for professionally managed senior living communities, has unveiled new coalition letters to Capitol Hill with solutions to stem the workforce shortage crisis in senior care. These letters, in coordination with the American Senior Housing Association (ASHA) and LeadingAge, call on Congressional leadership and the House 21st Century Long-Term Care Caucus to build and train the workforce needed now and into the future to care for the nation’s rapidly aging population. “The lead up to the midterm elections is the ideal time to bring …
WASHINGTON, D.C. — The seniors housing industry needs to improve overall customer service to deliver a more engaging and enriching product, according to William Swearingen, senior vice president of Spectrum Retirement Communities, a Denver-based owner and operator that offers independent living, assisted living and memory care. The good news is there are no barriers to entry to fix the problem. “It doesn’t take a budget; we don’t have to have the massive cash flow right out of the gate to be able to make these changes in the buyer experience,” …
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Webinar: Let’s Talk About the Outlook for Seniors Housing Investment and Finance
Is there room for optimism in seniors housing? What does investor interest look like now? Learn about how interest rate increases are impacting seniors housing valuations, what a flight to quality means for different sectors, financing concerns and more. Watch the webinar here. Timestamps of major topics covered: (5:25) Impact of rising interest rates on seniors housing valuations (7:54) Effects broken down by sector: active adult, skilled nursing, assisted living (11:07) Financing in the current environment (13:21) Acquisition opportunities, plus deal flow and closing (18:10) Outlook for the market …
ANNAPOLIS, Md. — The national occupancy rate for private-pay seniors housing increased 100 basis points from 81.2 percent in the second quarter of 2022 to 82.2 percent in the third quarter, according to NIC MAP Vision. Occupancy is up 430 basis points from a pandemic low of 77.9 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises …
DALLAS — Seniors housing development costs have risen sharply over the past two years, with labor and land the primary drivers of higher expenditures, according to new research from CBRE. The average cost of a seniors housing development has increased by 17.8 percent since 2020 to $317,400 per unit, or $333 per square foot. Dallas-based CBRE derived data from the valuations of 142 seniors housing developments scheduled for delivery. The properties in the data set included independent living, assisted living and memory care communities. Average returns (stabilized net operating income …
For many seniors housing operators, occupancy is back to where it was before the COVID-19 pandemic struck. In addition, aggressive rent increases have resulted in elevated revenues. However, as a result of high inflation, an extremely tight labor market and supply constraints increasing costs, profit margins have not yet returned to pre-pandemic levels. “As an appraiser I’ve been getting all kinds of questions about what’s happening with margins and when they’ll return,” said JP LoMonaco of Valuation & Information Group. “Over the past two-and-a-half years, trying to calculate a cap …
The health of seniors housing occupancy continues to recover, albeit slowly, amid challenges that refuse to relent. Rather than a one-two punch, the sector has absorbed a one-two-three combination: Occupancy-reducing COVID landed the first blow, labor shortages and inflating operational expenses delivered the second, and rising interest rates scored with the third, declares Charlie Shoop, a senior vice president with KeyBank’s healthcare group. A slumping economy may add a kick to the teeth for good measure. “There is a lot of noise in seniors housing financials right now, and few …
WASHINGTON, D.C. — Greystar’s Jackie Rhone, a 35-year veteran of the multifamily industry, cut right to the chase when describing how the active adult niche differs from the traditional apartment sector in one big way for owners and operators. “This is the only time in my career that I’ve sold a lifestyle. I’m not selling four walls. They don’t care what your backsplash looks like. They want it to be nice, but that’s not what’s driving them,” said Rhone, referring to prospective residents of active adult communities. “What’s driving them …
WASHINGTON, D.C. — U.S. seniors housing residents average more than a dozen chronic conditions, creating significant challenges for residents and driving healthcare costs, according to an analysis by NORC at the University of Chicago (NORC), funded by the National Investment Center for Seniors Housing & Care (NIC). The analysis indicates a significant opportunity for operators to integrate healthcare with housing to add more value for residents. This high prevalence of chronic conditions costs seniors housing residents $3,000 to $4,000 in out-of-pocket costs per year. It also drives annual healthcare spending …