If Senior Care Development LLC’s $86 million bid on a bankrupt Chicago continuing care retirement community goes through, holders of $229 million of debt for the distressed property will recoup just pennies on the dollar, according to The Bond Buyer, a “catastrophically bad recovery rate” that’s tied to its current business model. A hearing is [...]
A majority of baby boomers “prefer to improve their dynamic lifestyle” in retirement with a move into an active adult community, according to a new Global Industry Analyst report on Adult and Retirement Communities. “Active adult communities are analogous to Disneyland for the adults, or in other words, an amusement park that provides a huge [...]
As assisted living regulations evolve and tighten, Medicare and Medicaid reimbursements fluctuate, and healthcare reform begins to take effect, many states are facing their own challenges as they continue to develop, operate, and implement new rules and programs. Here is a collection of long-term care related stories from across the nation. From LeadingAge: California Bill [...]
Carlsbad, Calif.-based Continuing Life Communities, a developer and operator of several continuing care retirement communities (CCRCs), recently signed a $250 million construction loan for its newest CCRC, Stoneridge Creek Pleasanton in Pleasanton, Calif. The loan represents one of the largest non-governmental construction loans signed since the beginning of the economic downturn, according to Justin Wilson, [...]
A few high-profile bankruptcy filings by continuing care retirement communities (CCRCs) brought a lot of scrutiny to the whole concept, but these are isolated incidents that aren’t indicative of the entire sector, according to LeadingAge, and these types of communities have a strong future. CCRCs were impacted by the recession and housing market crash, as [...]
In recent months, some continuing care retirement communities (CCRCs) have found themselves struggling to attract residents and a dwq have even ended up in bankruptcy court, but this hasn’t prevented others from forging ahead and offering new services and programs, such as a vacation travel network. Mather LifeWays in Evanston, Ill., and La Posada, in [...]
Investors are cozying up to “senior” debt with municipal-bond investments, despite relatively high default rates for certain types of retirement communities, reports the Wall Street Journal. Earlier this month, Municipal Market Advisors said 2.13% of bonds tied to so-called continuing-care retirement communities are in default, the sixth-highest of 46 types of municipal debt tracked by [...]
It used to be that residents requiring different levels of care could still dine together in continuing care retirement community (CCRC) Harbor’s Edge’s River Terrace dining room. Whether residents occupied the community’s independent living units, assisted living apartments, or skilled nursing units, they could all join each other at the dinner table—until last spring, when the [...]
There have been several stories in the news about continuing care retirement communities (CCRCs) landing in bankruptcy court to file for Chapter 11 protection and citing the economy as a reason for low censuses, but it’s possible the segment now has nowhere to go but up, the National Real Estate Investor reports. Bankruptcies in the [...]
On the Record: Steven Insoft, CFO & COO of Aviv REIT
While publicly traded healthcare real estate investment trusts (REITs) like HCP, Inc., Ventas, Inc., and Health Care REIT Inc. grab a lot of headlines, privately traded ones like Aviv REIT often seem to fly under the radar. But as Senior Housing News recently discovered after speaking with Aviv’s Steven Insoft, who holds dual roles of [...]
On the Record: Majd Alwan, Executive Director of LeadingAge CAST
With technological advancements tied so closely to the future of senior care, Senior Housing News recently interviewed Majd Alwan, Ph.D., the Senior Vice President of Technology and Executive Director of the Center for Aging Services Technologies (CAST) at LeadingAge, an association of not-for-profit, long-term care providers of senior services. At any given time, CAST is [...]
On the Record: Keith Reuben, EVP of Commercial & Specialty Lending at Capital One Bank
In the past 30 years, Capital One has transformed itself from “just” a credit card company into one of the U.S.’s top banks. And as part of its lending arm, Capital One Bank says it has a significant focus on its commercial and specialty finance business, which encompasses senior housing and care lending. Last Fall, [...]
On the Record: Adam Kane, SVP of Corporate Affairs at Erickson Living
In 2009, the company known as Erickson Retirement Communities, headquartered in Baltimore, Md., filed for Chapter 11 bankruptcy protection. In December of that year, Hanover, Md.-based Redwood Capital Investments LLC bought most of the bankrupt company’s assets for $365 million, out of which emerged Erickson Living. Senior Housing News recently caught up with Adam Kane, [...]
On the Record: David Reis, CEO of Senior Care Development
After seeing that Senior Care Development, LLC had placed a stalking-horse bid on the bankrupt Clare at Water Tower, in Chicago’s Gold Coast, Senior Housing News tracked down its chief executive officer David Reis for an exclusive interview. Reis has extensive experience in senior living development, and specializes in ground-up development of large-scale continuing care [...]
