CHICAGO — Although the seniors housing industry still faces many challenges, long-term demand still has the sector on a trajectory of growth. That’s according to JLL Valuation Advisory’s fourth annual Seniors Housing Investor Survey and Outlook, released last week. Construction delays resulting from the pandemic will magnify the long-term supply shortage, the report notes. With the baby boomers within approximately 10 years of occupancy, medium- and long-term investment remains positive. Additionally, the need to serve the middle-income population will continue to grow, exacerbated by the global impact of COVID-19. “Investors …
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), a D.C.-based advocacy organization for the seniors housing industry, has announced the 2021 inductees to the Senior Living Hall of Fame: Carl Campbell of CAMLU, Robert and William Thomas of Senior Star and Patricia Will of Belmont Village Senior Living. “These innovative leaders have helped to build an industry dedicated to the care of our elders,” says David Schless, president of ASHA. “We are very grateful to them and their commitment to senior living.” The 2021 Senior Living Hall of Fame …
By Fahad Aziz, Chief Technology Officer, Caremerge “Incidents” in assisted living and memory care communities aren’t always one-off falls. They can be key indicators of a developing health pattern or wider community risk. Late-night wandering could be an early sign of dementia; an upset stomach could be a symptom of food poisoning; a stumble in the bathroom could mean rooms need better accessibility design. That’s why reporting incidents promptly and thoroughly is essential for more effective and personalized care for older adults — not to mention it’s required by law. …
Seniors housing technology has long been focused on health and safety — keeping residents safe from falls, managing medicines and addressing health changes that require a doctor’s oversight. But the future of seniors housing may lie more in the direction of holistic wellness — personalized nutrition, evidence-based decision-making for increasing or decreasing medical interventions and better resident experiences. Over the next decade, data will be the driving force for communities that embrace wellness goals, according to Derek Ross, CEO, Aging and Caregiving at Philips. “There is a huge opportunity to …
Development activity in the seniors housing sector has slowed greatly as a result of the COVID-19 pandemic. New construction as a percentage of existing inventory fell from a high of 7.3 percent in the fourth quarter of 2017 to 4.9 percent in the first quarter of 2021, according to the National Investment Center for Seniors Housing & Care (NIC). This deceleration is due to a combination of factors: Occupancy hit record lows, meaning new product wasn’t needed; Lenders became very hesitant to loan on new, ground-up construction; Construction material costs …
BALTIMORE — CFG Bank (CFGB), a Baltimore-based lender, has launched the Jack and Nancy Dwyer Workforce Development Program. The non-profit organization seeks to help resolve the effects of systemic poverty and inequality and help fix the turnover crisis and burnout due to staffing shortages in the healthcare industry by creating a pathway to advance career opportunities in the nursing profession. CFGB donated $1 million to jumpstart the program. As part of this initiative, CFGB also announced a partnership with and $1 million donation to Living Classrooms, a nonprofit serving Baltimore …
The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to NIC MAP Data, Powered by NIC MAP Vision. But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” …
ANNAPOLIS, Md. — Private-pay seniors housing occupancy in the United States reached a record low of 78.8 percent in the first quarter of 2021, falling 180 basis points from the last quarter of 2020 and 870 basis points from a year ago. This is the sixth consecutive quarter occupancy has declined, and the fourth since the COVID-19 pandemic began. 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 gathered from 31 primary metropolitan markets. Private-pay …
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MTRCC’s Affordable Housing Expansion Anticipates Seniors Housing Opportunities
Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say Matthew Pipitone and Jeff Rodman, program managers for M&T Realty Capital Corp. (MTRCC), the commercial mortgage banking subsidiary of M&T Bank. Not only have seniors housing residents been restricted from having guests and seeing family members, but owners and operators have been tasked with finding ways to continue caring for …
OSWEGO, N.Y. — Lument has provided $8.3 million in HUD financing for Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The transaction represents a refinancing via the FHA Sec. 232/223(f) program. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The new loan paid off the existing bridge loan and reimbursed the borrower for …