The seniors housing industry continues to face new challenges as a result of the COVID-19 pandemic. But there are reasons for hope. A recent survey conducted by marketing and client acquisitions firm LeadingResponse showed that 90 percent of prospects are still considering moving into seniors housing. Over 60 percent felt they had a good understanding of the costs of seniors housing and the programs available to make it more affordable. The survey, sent out in September, polled more than 2,000 seniors and their adult children who had already expressed an …
Operations
Capital Senior Living to Turn 18 Communities Over to Fannie Mae to Reduce Debt by $217.7M
by Jeff Shaw
DEER PARK, Texas — Capital Senior Living Corp. (NYSE: CSU) has completed the transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s non-recourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all …
Operators piece together creative solutions to one of the industry’s toughest problems — recruiting and retaining quality employees. By Jeff Shaw Recruiting and retaining quality employees on the front lines remains one of the biggest challenges facing the seniors housing industry today. Argentum estimates the senior living industry will need to fill 1.4 million positions by 2025. The employment landscape in the United States has drastically changed since early this year. The unemployment rate rose 440 basis points to 7.9 percent between September 2019 and September 2020, according to the …
The secret to beating COVID-19 may have less to do with PPE and testing, and more to do with processes, design and mission. By Donna Moore In late January, the first case of novel coronavirus was confirmed in the U.S. Previously unheard of, COVID-19 dominated nightly newscasts. By February, seniors were dying in nursing homes. This coronavirus was seemingly more contagious than anything seniors housing operators had ever faced. We regularly control infections and wear personal protective equipment (PPE). COVID-19 was different Immediately, my senior leaders at Park Springs in …
Technology such as needlepoint bipolar ionization can help keep residents safe. By Julie Fields Seniors housing occupancy rates have hit an all-time low. The National Investment Center for Seniors Housing & Care (NIC) announced that the average occupancy rate for seniors housing properties fell 2.8 percent between the first and second quarters of 2020. According to NIC, the second-quarter rate of 84.9 percent is the lowest occupancy rate the organization has ever recorded. While it’s easy to cast the blame for this occupancy drop on COVID-19, the truth is the …
In the Nov. 4 Seniors Housing Business webinar “Seniors Housing Middle Market Conundrum — Development Challenges in Today’s Environment,” panelists Craig Abbott and Mike Edwin of Health Dimensions Group weighed in on the challenges of developing products for the middle market. They describe demographic and development trends, plus strategies to meet changing needs. “The pandemic exacerbated the development challenges for those in the middle market by bringing with it higher retail and labor costs, higher costs of operations due to regulatory requirements of disease and infection management, PPU increases, as well as other …
TAMPA, Fla. — Validus Senior Living Communities will be the new operator of five H-Bay Ministries-owned communities in Florida. The communities will operate under Tampa-based Validus’ Inspired Living brand, but will carry their existing banner of Superior Residence. The new communities are located in the Brandon, Clermont, Ocala, Lecanto and Niceville markets totaling 340 units, and focus on middle-market seniors.
In an Oct. 29 Seniors Housing Business webinar titled “Seniors Housing Market Valuation — Is the Pandemic a Disruption or Start of a Fundamental Shift?” panelists discussed where market valuations are headed, occupancy rates, and investor perceptions of the industry. What creates value, and what is the difference between a short-term disruption and long-term impact as it relates to COVID-19? See a list of some topics covered below: Managing uncertainty on an organizational level — operator & investor approaches Assessing value in the long term care industry Investment to support existing …
WASHINGTON, D.C. — Cadence Living has been appointed as the new manager of four senior living communities in the Washington, D.C. area. The portfolio includes Tribute at One Loudoun in Ashburn, Virginia; Tribute at The Glen in Woodbridge, Virginia; Tribute at Black Hill in Germantown, Maryland; and Tribute at Melford in Bowie, Maryland.
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged a new lease for a 66-bed skilled nursing facility in Connecticut that was no longer in operation. Blueprint represented the landlord, a REIT. The new operator will transform the property into an addiction recovery center.