60 Seconds with Monroe: SNF Industry Needs To Police Itself
As many of you would suspect, I am no fan of New York’s Attorney General, Letitia James. She politicizes too many things and definitely has a partisan agenda, and one which I do not favor. But after reading through the 300-page court filing against Centers Health Care and related companies, as well as its owners, well, I found myself agreeing with her. The cases involve the poor “care” of residents in a few New York nursing homes, as well as the alleged misuse of $83 million of Medicaid and Medicare funds for other purposes, including, allegedly, the purchase of a large stake in the Israeli airline, EL AL. Money is fungible, and one cannot distinguish between cash from private... Read More »
Sunrise, Hines and Welltower Open Another Manhattan High-Rise
Sunrise Senior Living, Hines and Welltower announced the opening of The Apsley in Manhattan’s Upper West Side. The Apsley is the joint venture’s second luxury senior living community in New York City. The first luxury senior living community by the partners was Sunrise at East 56th on the Upper East Side. It opened in December 2021 with 151 assisted living and memory care units, which was just months after Omega Healthcare Investors and Maplewood Senior Living opened Inspīr Carnegie Hill on the Upper East Side. That community is a 23-story, 215-unit assisted living/memory care building with an open-air skypark on the 17th floor separating different levels of care. Construction costs were... Read More »
Development Has Slowed, But Not Stopped
Ziegler just closed a $25.34 million financing for a new seniors housing community in San Antonio, Texas, but these funds do not include the cost of construction. The new money will be used to purchase 27 acres in San Antonio, pay for the preconstruction development costs, and the costs of issuing the new debt. The community, to be called Bella Vida at La Cantera, will consist of 153 independent living apartments, 40 IL cottages and 16 memory support assisted living units. This pre-construction debt comes to about $121,000 per unit. There was no breakdown of the three uses of the proceeds. The sponsor is the not-for-profit Forefront Living San Antonio. Brandon Powell, Managing... Read More »
Flashback Friday: The SNF Market, 10 Years Ago
Every now and then, we like to look back at what the senior care industry was dealing with in past decades, which helps give us perspective on the problems of today and shows us lessons that are never learned by some. Looking at the market for skilled nursing facilities 10 years ago, we see a lot of similarities, from the high investor interest amid threats of reimbursement cuts and staffing issues (sound familiar?) to allegations of inappropriate use of Medicaid and Medicare funds by providers. Check out this lead story from the June 2013 issue of The SeniorCare Investor, and you’ll almost wonder if you were reading the June 2023 issue. From “The Skilled Nursing Market Enigma” in... Read More »
60 Seconds with Swett: What Will the Boomers Want?
The baby boomers have been referenced as the reason for investors to enter the seniors housing market for more than a decade, even though we are still several years away from the front end of them aging into the vast majority of seniors housing communities. But there is no guarantee that boomers will move into seniors housing, especially if new tech can better solve for health care, activities of daily living, property maintenance and socialization in the home, not to mention economic factors that may prevent seniors from selling their homes or may impact their savings and investment accounts to render seniors housing services unaffordable to them. Beyond all that, what if the current... Read More »Schedule a demo
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