CHICAGO — Operators in the senior living space universally agree that the executive director holds the single most important position at their communities and that the job is a daily grind. These frontline administrators are not only tasked with providing the best care possible for residents, but they must also demonstrate strong financial acumen. They are frequently thrust into the role of crisis manager, all the while they are expected to be strategic thinkers.
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Coming out of the financial crisis, cash-out financing became a term that virtually no commercial real estate sponsor dared utter. Lenders and regulators took a dim view of the practice, which, as a product of lax underwriting standards that helped fuel the crisis, too often allowed borrowers to retain only a sliver of equity in their properties. And few landlords had the capacity to strike cash-out deals anyway, given the drop in commercial property values. As commercial real estate values have recovered, however, lenders have become agreeable to making cash-out …
Operators increasingly adopt electronic health records to improve efficiencies and reduce costs, but it’s a tough transition. By Eric Taub New technologies that start out as frivolous extravagances often become necessities. In 1885, seven years after Thomas Edison filed his first patent for “improvements in electric lights,” 300,000 bulbs were sold in the United States. By 1914, more than 88 million were in use. The first flat-panel, high-definition televisions cost thousands of dollars, but the pricing has since dropped to a few hundred dollars. Today, it’s the rare home that …
To win the competition for residents and talented staff, companies big and small need deep local roots. By Bendix Anderson In order for a seniors housing facility to succeed, the operator needs strong ties to the local area. “Local expertise has become increasingly important in recent years,” says Dan McKeever, executive director and portfolio manager for the senior housing funds of PGIM Real Estate based in Madison, N.J. Industry giants are increasingly committed to hiring staff at their properties that really know local markets. Growing companies now take care not …
From social media to mobile ads, how the smart use of technology can help owners/operators boost the bottom line. By Jane Adler It’s hard to keep up with digital marketing trends. Look no further than a recent episode of the Viceland television show, “The Most Expensivest,” hosted by rapper 2 Chainz. The 30-minute prograam titled “The Most Expensivest Retirement” highlights an upscale retirement community in Florida — The Palace Coral Gables. During the show, 2 Chainz chats with residents, questions staffers and samples the chef’s cooking. In the words of …
Newly appointed executive says stabilizing portfolio’s occupancy is her No. 1 goal. By Matt Valley In January, Kimberly Lody succeeded Larry Cohen as CEO of Dallas-based Capital Senior Living Corp. (NYSE: CSU), one of the nation’s largest operators of seniors housing communities. Cohen retired at the end of 2018 after a 19-year run as chief executive and 21 years with the company. Lody is no stranger to the inner workings of Capital Senior Living. For the past five years, she has served on Capital Senior Living’s board of directors. Most …
Development, design strategies can allow for high-quality senior living on a budget. By Russ Garber, Andrew Piletz and Nicole Boyer Ninety-year-old Lee Wachtstatter has been in the news many times over the last few years, as reporters have covered her decision to avoid traditional senior living facilities and instead live permanently on a cruise ship after the death of her husband. There are a number of remarkable things about Ms. Wachstatter’s decision, but perhaps the most eye-opening is the fact that the cost of her seagoing lifestyle is, by many …
Program development, site assessment among critical elements for project planning. By Frank R. Muraca, ARCH Consultants Site assessment and land due diligence are essential activities in the early stages of the development process. Just as a market demand study is critical to demonstrate the need for program development, site assessment is critical for project site planning. An appropriate amount of property evaluation may uncover important issues that significantly affect the development schedule and financial planning assumptions. The required breadth and depth of investigation varies depending on the scope of program …
What will the seniors housing resident of 2030 look like? Expect a more active, diverse senior By Brenda Bacon, President & CEO, Brandywine Living They will probably be more diverse, and likely to be listening to the Beach Boys and Marvin Gaye rather than big bands and Frank. They will have little interest in our structured activities and near-zero interest in anyone deciding what and when they will dine. You’ll run into them in the hallway on the way to the yoga studio, the pub or the indoor pool. They might restart …
HJ Sims finance veteran tries to get ahead of a shifting financial landscape. By Jeff Shaw A wide variety of factors are affecting the landscape of seniors housing finance, and they come from both within and outside the industry. Factors range from the Tax Cuts and Jobs Act signed into law by President Trump in 2017 to Medicare/Medicaid reimbursement changes in skilled nursing to affordability concerns for poor and middle-class seniors. Jeff Sands, managing principal and general counsel for Fairfield, Connecticut-based lender HJ Sims, has experienced a lot in his …