Industry Voices

Journey of nonprofit executive leads her all the way from college music major to receptionist to CEO. By Jeff Shaw Terri Cunliffe truly got in on the ground floor. Her first job in seniors housing was as a receptionist in the 1980s after quitting college, where she majored in music. Her administrator saw Cunliffe’s potential and encouraged her to return to school and work on a new degree that would be more befitting a career in seniors housing. The rest, as they say, is history. Cunliffe came back to the …

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Seniors housing designers must consider operations, programming and trends. By Dean Maddalena It’s important to understand how the interior design industry responds to changes and challenges. These external demands provide designers with opportunities to think in creative ways to satisfy conventional and emerging requirements. For over 15 years the design teams at StudioSIX5 have gathered to discuss the design, cultural and operational issues that have arisen and begun to take hold in the senior living vernacular. In addition to senior living, they look to the allied fields of hospitality, multifamily …

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Given the financial pressures of COVID-19, should the industry prepare for an influx of distressed assets?   The buck will eventually stop By Aron Will Co-Head, National Senior Housing CBRE Capital Markets There could certainly be some distress in our sector come third- or fourth-quarter 2021, driven by borrowers that aren’t particularly well capitalized and don’t have the staying power to weather the storm. The majority of banks have provided relief (lax covenants, maturity extensions, etc.), but the buck will stop at a certain point. Many forget that the sector …

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COVID-19 broke seniors’ trust, and successful communities must repair it. By Raj Shah, CareSafely Running a seniors housing business is an inherently risky proposition. As an operator, you are trusted with caring for residents and patients with complex and persistent medical, physical and psychological conditions. Residents (current and future) and their families place significant trust in your organization to have appropriate safety processes and systems in place. In their minds, safety is non-negotiable. Food menus, building décor, amenities and social activities are all second-order priorities compared to basic safety. The …

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Eclectic owner-operator tries to bring fresh eyes to senior living. By Jeff Shaw At first, Dwayne Clark wasn’t particularly interested in seniors housing. Of course, this was in the mid-1980s “before assisted living was assisted living,” as he put it. But with some encouragement from his sister, he joined West Coast senior living trailblazer Leisure Care. After a stint with another industry giant, Sunrise Senior Living, Clark decided he wanted to start his own company and launched Áegis Living in 1996. In the years since, Áegis has grown from a …

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Sector has proven to be more resilient than others during the pandemic. By Dale Watchowski In 2020, the U.S. economy contracted dramatically due to the COVID-19 pandemic, with many industries negatively impacted, including senior living. However, few real estate sectors have proven more resilient in times of turmoil than seniors housing. Since the 2008 recession, seniors housing has outperformed many other types of real estate and has established itself as a compelling asset class for investors. An underpublicized attraction of seniors housing is its rising utilization.  Americans are living longer …

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As the vaccine rolls out, what are some of the challenges you have overcome related to the COVID-19 pandemic? Financing, construction hit snags By Andrew Agins Senior Vice President of Revenue and Asset Management Anthology Senior Living Capitalizing a new development deal has been challenging during the pandemic due to tight capital markets. Equity partners tend to work with developers they know and trust. Banks will lend only to projects with experienced operators and strong sponsorships.  Maintaining a safe job site is another challenge. At our current projects, an on-site …

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By Michael Okaty and Mark Scimeca, Foley & Lardner The private equity investment landscape for seniors housing has, like so many things this year, been profoundly disrupted by the ongoing COVID-19 pandemic. From 2016 through the third quarter of 2019, private buyers, including private equity, have consistently provided the greatest investment in the seniors housing industry, outpacing public, institutional and cross-border investment and averaging $1.5 billion per quarter. The outlook early this year was bright for private equity investment generally. With investors seeking higher returns, private equity funds going into …

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A smarter tech strategy requires a future-flexible network. By Deanna MacCormac, Corning Optical Communications Telehealth, resident tablet programs, touchless building automation, reliable high-speed Internet, campus-wide communications, remote-monitoring, wearables, sanitation robots — all of these technologies are becoming an important part of the senior living conversation. The right technology can help keep communities safer, happier, healthier, connected and operating more efficiently. Though many communities understand why they may need to bring a new technology into their space, they are often faced with the challenge of how to do so. Time to …

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By Jess Madison, contributing writer on aging It’s no secret that residents of long-term care facilities have been the hardest hit during the coronavirus pandemic. While the coronavirus’ impact on nursing homes is most commonly referenced in news reports, the virus has hit assisted living and other long-term care facilities similarly hard. Statistics show elder-care residents account for some two in five U.S. deaths, and that one in 20 residents has already died from the virus. On one hand, it makes sense: Long-term care facilities are home to some of …

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