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, …
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 …
As IoT technology becomes a bigger part of seniors’ lifestyles, property owners look for strategies to match expectations. By Dwight Stewart and Cliff White There’s no question technology will change most everything the industry knows about building and operating senior living spaces. The question is: How fast will it happen? Technology evolution is exponential, and the rapid advancement of lifestyle Internet of Things (IoT) is a great example of how quickly people are willing to incorporate new devices and systems into their lives. Sixty-five percent of Americans now own at …
Factors such as age, acceptance and health should not be overlooked. By Irving Stackpole Successful congregate seniors housing development is built at the intersections of age, acceptance and health of the consumers. A thoughtful understanding of these three factors is at the heart of market analysis and feasibility studies. While a good feasibility study does not ensure good occupancy, a poor one may lead to years of very expensive, negative consequences. Occupancy in seniors housing is driven by the demographics of age. The size of the age cohorts is critical, …
Watermark rises from an auspicious history to become a Top 10 operator. By Jeff Shaw When David Freshwater founded The Fountains in 1985, the widespread reinvention of assisted living was still several years away. His developments in these early days helped to set the template of what we now know as private-pay seniors housing, starting with The Fountains at La Cholla in Tucson, Arizona, in 1987. David Barnes joined Freshwater at The Fountains in 1989, developing the systems, policies and training systems that would allow the company to grow. And …
Is home health a threat to seniors housing, an opportunity for growth or something else entirely? Home health helps By Pilar Carvajal Founder & CEO Innovation Senior Living My entire career has been dedicated to serving low- and middle-income seniors in a home-like, communal setting to help avoid premature institutionalization. The expansion of home health will allow more people to benefit from a non-institutional setting. But home health has its limitations as a person needs more care and supervision. We plan to expand in home health to offer more options …
By David Duckwitz, Sensor Industries A recent Seniors Business Housing article, Why So Many Investors Are Chasing Active Adult, pointed to the favorable investment trend in active adult housing. The demographics driving that trend are the 70 million baby boomers ranging in age from their late 50s to mid 70s. While the client base is there as well as the investment interest, there are some barriers to overcome. Despite the demand, there are a limited number of lenders in that space. The COVID-19 pandemic clearly played a role in reducing …