Has There Been Any Progress on Labor?
What has changed with labor in the senior care industry over the last two years? Back in October 2021, LevinPro LTC hosted a webinar discussing the senior care industry’s staffing shortages with CEO of Dwyer Workforce Development, Barb Clapp, and Steve LaForte of Cascadia Healthcare. Those interested in watching Finding It, Retention & Coping with Higher Wages can find the replay link here. Two years later, with the same panelists, Managing Editor Ben Swett hosted Has There Been Any Progress on Labor?, detailing the industry’s path towards labor stabilization, what has gone right, and what still needs to be done. Clapp and LaForte discuss how staffing issues have altered since 2021,... Read More »
Webinar: Has There Been Any Progress on Labor?
On July 19, 2023, Managing Editor Ben Swett hosted Has There Been Any Progress on Labor?, detailing the senior care industry’s path towards labor stabilization, what has gone right, and what still needs to be done. The panelists were Barb Clapp of Dwyer Workforce Development and Steve LaForte of Cascadia Healthcare. Read More »
BWE Arranges Agency Financing
BWE, a national commercial and multifamily mortgage banking company, arranged a series of agency financings for affordable housing properties, including one reserved for seniors. Battery Park Senior Apartments, located in Asheville, North Carolina, with 113 one-bedroom units, nine two-bedroom units and four commercial spaces, received a $17.641 million Freddie Mac immediate tax-exempt loan and a $2.359 million gap loan. The borrower was National Church Residences. As part of the recapitalization of the property, an allocation of new 4% Low Income Housing Tax Credits was secured through the North Carolina Federal Tax Reform Allocation Committee (via NCHFA). All units are designated for... Read More »
KeyBank Finances SNF-to-Senior Apartment Conversion
A skilled nursing facility in Cleveland Heights, Ohio, is being converted to low-income housing for seniors in part thanks to $9.9 million in low-income housing tax credit (LIHTC) equity provided by KeyBank Community Development Lending and Investment. Built in 1960 as a SNF by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Other financing sources included a... Read More »
60 Seconds with Swett: What Still Needs to Be Done to Solve the Staffing Crisis?
Will the senior care industry ever solve its labor issues? Before the pandemic, overdevelopment led to high levels of staff poaching in certain markets and rising wages to combat it. Then the pandemic, plus the government checks that kept many workers at home, led to more severe staffing shortages and the necessity for temporary staffing agencies to fill the gap, at exorbitant prices. It was around that time when we hosted a webinar tackling the staffing crisis in senior care and the potential solutions, with panelists Barb Clapp, who had just taken the helm at Dwyer Workforce Development, and Steve LaForte of Cascadia Healthcare, which LevinPro LTC subscribers can watch here. Nearly two... Read More »
Chartwell Retirement Residences: One Big Step Forward
Trying to increase occupancy for many providers has been a game of two steps forward and then one step backwards. This is usually because of the flu season in the winter months. The hope is always that the recovery will exceed the decline, year after year. The pandemic obviously through a wrench in that one. For Canada-based Chartwell Retirement Residences, the largest operator in Canada with nearly 200 communities in four provinces, the step forward after the winter months will be quite a big one, according to their forecasts. The good news is that their step backwards was much smaller this year than in 2022. Back in 2022, the company lost 130 basis points of census from December 2021 to... Read More »
Montgomery Intermediary Group Handles Residential Care Deal
A couple of small residential care facilities traded in the Ozarks region of Missouri, with their mom & pop owner/operator exiting the senior care business as a result of the deal. Andrew Montgomery of Montgomery Intermediary Group handled the transaction on behalf of them. One community in Cole Camp, built in the 2000s, featured 20 units of residential care (RCFI). The other building, in the town of Warsaw, was a Department of Mental Health residential care community, classified as an RCF II, that had 21 units and 35 beds. The Warsaw building was on the older side but both had a history of high occupancy. Combined, the properties sold for around $40,000 per unit, and there... Read More »
Forbright Bank and HJ Sims Provide Acquisition Financing
Forbright Bank, a full-service bank, and HJ Sims, a private investment bank and wealth management firm, provided financing for the acquisition of two skilled nursing facilities in California. Located in two strong submarkets, the facilities total 150 beds, with occupancy above 95% at the time of marketing. The buyer was a regional skilled nursing owner/operator who plans to renovate both facilities. Forbright and HJ Sims closed a unitranche loan product totaling $13.9 million at attractive leverage, with that loan product acting as a single debt obligation with one set of loan documents and one monthly mortgage payment. Together, over the past 12 months, the partnership has financed over... Read More »
Greystone Monticello Provides Large Bridge Financing
Greystone Monticello, a bridge lending platform that provides capital finance products and services for the multifamily and seniors housing sectors, provided a bridge loan to finance the $150 million acquisition of a portfolio of eight supportive living facilities (SLFs) located across Illinois. Greystone Senior Managing Director Eric Rosenstock worked with both the buyer and the seller on the transaction and originated the bridge financing. The deal was financed with a two-year bridge loan that is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 total beds, the facilities are located in Elk Grove, Melrose Park, Country Club Hills, Bartlett, Vernon... Read More »
Is Remote Work Really Impacting Occupancy?
There was an interesting article in the Wall Street Journal last week that claimed there is a relationship between soft occupancies in seniors housing and more people working from home. The gist of it was that with more people working remotely full time, or even part time, they are better able to check on mom or dad who might otherwise be thinking about moving into seniors housing, and postponing the move because the kids are more involved. The first problem is that this assumes that the kids live nearby, and the reality is that many of their parents have already moved to warmer climates. The second problem is that it is much more than the need to “check” in on them. If they really need a... Read More »Schedule a demo
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