From The Magazine

Fannie, Freddie Shake Off Effects of Pandemic

by Jeff Shaw March 21, 2022

After a major drop in seniors housing loan production in 2020 resulting from COVID-19, the agencies nearly hold the line in 2021. By Jeff Shaw After a significant decline in deal volume in 2020, both Freddie Mac and Fannie Mae saw only modest slips in their seniors housing production in 2021, a sign that the industry has stabilized. Freddie Mac’s annual lending volume in the seniors housing sector fell 45 percent year over year in 2020, dropping from $3.8 billion in 2019 to $2.1 billion in 2020, but fell just …

March 21, 2022

Buyer/Seller Landscape Shifts

by Jeff Shaw February 3, 2022

Some investor types have doubled down while others have fled seniors housing as the COVID-19 pandemic enters its third year. By Jeff Shaw COVID-19 has changed many investors’ approaches to the seniors housing sector. The pandemic caused a major shift in who’s buying and who’s selling. Some of the biggest buyers in 2019 were the biggest sellers in 2021. For example, institutional investors went from buying more than $2 billion in 2019 to selling more than $3 billion through the first three quarters of 2021. That’s according to Real Capital …

February 3, 2022

Features From The Magazine Investment Legal Issues

Owners, Operators Get in Sync

by Jeff Shaw February 3, 2022

A variety of partnerships and lease structures present many options for landlords and tenants to both benefit. By Jeff Shaw In the retail real estate world, triple-net leases are king. Under this standard agreement, the tenant is responsible for all expenses — taxes, insurance, maintenance, utilities and rent to the owner. But seniors housing is a very different type of real estate. In retail, if a tenant fails, the owner simply finds a new one. For senior living, there’s a human element at play both for the employees and the …

February 3, 2022

Features Finance From The Magazine

Lenders’ Patience Wears Thin as Pandemic Drags On

by Jeff Shaw February 3, 2022

By Matt Valley Time is running short for operators of underperforming properties trying to shake off the negative impact of COVID-19 on occupancy and revenue, said Chuck Hastings, vice president of finance and business development for Juniper Communities. “In 2022, lenders are going to want to see us all getting back to pre-pandemic levels [of performance]. So, as operators the pressure is on.” Bloomfield, New Jersey-based Juniper operates 28 senior living communities in four states: New Jersey, Pennsylvania, Texas and Colorado. Hastings, who knows firsthand that lenders are growing increasingly …

February 3, 2022

Development From The Magazine

A New Blueprint

by Jeff Shaw December 9, 2021

Architects adjust their designs for incoming baby boomers, better infection control. By Jeff Shaw Most often, when it comes to planning for the future of the seniors housing industry, it’s considered from the angle of operations — the adjustments that must be made in programming, amenities and sales strategies for the next generation of residents. But programming and amenities don’t occur in a vacuum. The location, design and overall physical plant of a seniors housing community all affect what activities can take place that would appeal to a modern senior. …

December 9, 2021

From The Magazine Operations

Nonprofits Unite

by Jeff Shaw December 9, 2021

The pandemic has proven that scale matters as the big not-for-profit providers get bigger and follow through on expansion plans. By Jane Adler Like their for-profit counterparts, nonprofit senior living providers face many of the same pandemic-related market dynamics. Consolidation is accelerating amid losses at troubled properties. The labor shortage is a big challenge. Communities are slowly starting to recover as occupancies inch upward. And inexpensive capital is still available, at least for the big providers whose expansion plans are moving forward. “We’re growing,” says Terri Cunliffe, president and CEO …

December 9, 2021

Finance From The Magazine

HUD Lending Program Shows Its True Mettle

by Jeff Shaw December 9, 2021

Deal volume of nearly $4 billion in FY 2021 helped fill void during pandemic. By Matt Valley Amid an extremely challenging operating environment for the seniors housing industry and a difficult underwriting situation for lenders due to the pandemic, one source of debt financing has stood tall. Lenders in the U.S. Department of Housing and Urban Development’s Section 232 healthcare mortgage insurance program used to finance nursing homes, assisted living and board and care facilities closed $3.94 billion in loans in fiscal year (FY) 2021, which ended Sept. 30. Total …

December 9, 2021

From The Magazine Operations People

Labor Pains

by Jeff Shaw October 12, 2021

Senior living communities grapple with a severe worker shortage, responding with innovative approaches and programs. By Jane Adler “Help Wanted!” “Now Hiring!” The urgent signs posted everywhere from grocery stores to job boards reveal the depth of the labor shortage gripping the country. Workers are scarce. But senior living and care is being especially hard hit. Long known for having a high turnover rate, the sector faces a number of new challenges. Workers in a healthcare-type setting are afraid of contracting COVID-19. The Delta variant of the virus has only …

October 12, 2021

Development From The Magazine People

Worker, Supply Shortages Hit Builders

by Jeff Shaw October 12, 2021

General contractors continue to innovate and complete projects despite COVID-caused headwinds. By Jeff Shaw We’re all familiar with the headlines by now: construction materials prices are at record highs, and nearly every industry has a shortage of workers, dealing a one-two punch to supply chains. General contractors may be on the front line of both problems as they deal directly with the rising materials costs while trying to build seniors housing communities with skeleton crews. According to Des Moines, Iowa-based general contractor Weitz, lumber prices have at least come back …

October 12, 2021

From The Magazine Technology

Senior Technology With Staying Power

by Jeff Shaw October 12, 2021

Emerging out of the pandemic are some unique tech tools that have become part of everyday life at many senior living communities. By Eric Taub It’s often said that seniors and technology don’t mix. Whether it’s remembering how to use a television remote, send a text message on a smart phone or stream a Netflix video, the conventional wisdom has long been that the elderly frequently find those types of tasks to be a challenge. Seniors often forget the skills they learn, and which younger people master and take for …

October 12, 2021

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