This was a tough year for the sector, judging by the most-read stories on Senior Housing News.
Financial troubles dominated, with Enlivant’s default notice and related negotiations being the most-read story in the last 12 months. The bankruptcy filing of a large CCRC, the troubles at Anthology Senior Living’s parent company, and the closure of marketing firm Attane also appear on the list.
But it’s not all doom and gloom. Other top stories involved operators’ growing and the expanding active adult market. And a story that started out very grimly – the felony charges against Silverado – ended happily, with a recent dismissal.
A special thanks to all of the members of SHN+ community for your continued support throughout 2023, which enables us to continue to deliver premium-quality news and analysis.
As always, we hope you find this list informative and helpful as you take stock of 2023 and what lies ahead in 2024. We wish all of our readers happy holidays. Thanks for reading.
1: After Default Notice, Enlivant JV Negotiating Financial Reconstruction Amid Going Concern Doubts
Publish date: April 2, 2023
Key quote: “Our sole focus is transitioning the 11 facilities we wholly own to a new operator and are currently working on that.” – Sabra CEO Rick Matros
Further reading:
Sabra Officially to Exit Enlivant JV, Reports $164 Million Impairment Charge
Enlivant to Lay Off 284 Workers at Chicago Support Center
Why Recent Events at Pathway, Sonida, Enlivant Foreshadow More Pain to Come for Senior Living
Sabra CEO: 11-Property Former Enlivant Portfolio Has ‘Significant Upside’ After Operator Transition
Publish date: March 15, 2023
Key quote: “We deny all charges filed against us — they are baseless and egregiously contradict the facts. We look forward to presenting our case during the legal process.” – Jeff Frum, Silverado senior vice president, sales and marketing
Further reading:
Judge Dismisses Felony Charges Against Silverado CEO Shook, Others
Shortage of Supplies Rapidly Worsens In Senior Living as Covid-19 Spreads
Memory Care Sector Starts to Stabilize, Rebuild After Harrowing Pandemic Challenges
3: Largest Life Plan Community in Illinois Files for Ch. 11 Bankruptcy
Publish date: June 9, 2023
Key quote: “By taking these steps toward a healthier financial structure, FVS will gain the financial flexibility to make material improvements that will further enrich our campus, amenities, and services.” – Friendship Village of Schaumburg CEO Mike Flynn
Further reading:
Delaware LLC Bids $83.1M for Largest Life Plan Community in Illinois
Largest Illinois CCRC to Be Taken Out of Bankruptcy with $114.8M Encore Deal
Publish date: Aug. 14, 2023
Key quote: “We’re in the process of closing a couple of alternative transactions, in place of the previously planned transaction, and expect to have these notes and matters paid off shortly.” – CA Ventures CIO John Diedrich
Further reading:
CA Ventures Charts Ambitious Growth for New Anthology Senior Living Operating Platform
Anthology Senior Living Sets New Direction With Its Largest Community to Date
Harrison Street, Anthology Senior Living Forge 3-Property Joint Venture
5: More U.S. Expansion On Tap for Latitude Margaritaville After Brand Goes International
Publish date: May 8, 2023
Key quote: “While a lot of home builders are cautiously optimistic on the market … we are as bullish as we’ve ever been. We couldn’t be happier with the space right now, and we’re in growth mode.” – William Bullock, president of Latitude Margaritaville and Minto Communities USA
Further reading:
Jimmy Buffett Meets The Villages in $1 Billion Florida Development
New Latitude Margaritaville On Tap for Mexico as Brand Expands Across the Border
6: 5 Senior Living Operators to Watch in 2023
Publish date: April 9, 2023
Key quote: “If that leads us to only having 10 communities and we operate extremely well and we have the brand strength and trust of those local consumers in the markets, that’s great. If that leads us to have 50 – wonderful.” – Danny Stricker, Chapters founder and president
Further reading:
Active Adult Milestone: NIC Defines Sector, Offers Data on Consumers and Margins
How New Welltower Partners Treplus, Sparrow Are Forging Active Adult Success
After Year in Flux, Distinctive Living Gears Up for Growth in 2023
Publish date: Feb. 28, 2023
Key quote: “This recapitalization will allow us to continue to carry the ISL culture and ensure the very best service for our residents, associates and ownership groups.” –Collette Gray, ISL president and CEO
Further reading:
Discovery Recaps with Coastwood, Lee Equity; Decker Named Board Chair
With ISL Deal, Discovery Begins to Mirror Growth Strategy that Reshaped Hotel Industry
Discovery CEO: ‘Explosive Growth’ Just the Beginning of Our Evolution
8: ‘Market is About to Explode’: Inside Greystar’s Plans for Active Adult Expansion
Publish date: Aug. 31, 2023
Key quote: “We are starting to see that that market is about to explode.” – Michael Levine, senior managing director of real estate, active adult
Further reading:
Greystar Tapped as Manager for Active Adult Primary Care Brand Viva Bene
Senior Living Developer Avenue Launches Active Adult Company Focused on Preventive Care Access
New Greystar Push Into Modular Construction Holds Promise for Middle-Market Senior Living
‘Welcome to the Game’: Carlyle Group, Other Pioneers Ready for Active Adult Boom
9: Welltower Sells Stake in Sunrise, Unwinds Revera JV in Preparation for Self-Managed Platform
Publish date: July 31, 2023
Key quote: The dissolution of the joint venture with Revera “largely concludes Welltower’s seven-year contract modernization journey.” – Welltower Business Update
Further reading:
Welltower Readies Self-Managed Operating Platform, With Goal of Exceeding Pre-Pandemic Margins
Welltower Deploys $600M in Q1 Transactions to Date, Forges UK Joint Venture
Welltower Reloads ‘Growth Bazooka,’ Prepares for Wider Rollout of Management Platform With Cogir
Cogir Starts New Chapter With Expansion, Evolution Underway in U.S., Canada
10: Senior Living Marketing Firm Attane to Close
Publish date: July 25, 2023
Key quote: “The adoption of that approach and the understanding of how it can benefit the sales/marketing process has been slower than expected.” – Steve Wujek, Attane vice president of communications
Further reading:
‘No Margin’ Problem Worsens Senior Living Owner, Operator Friction
Transactions and Financings: CIP Capital Invests in GlynnDevins
Companies featured in this article:
Attane, Discovery Senior Living, Enlivant, Friendship Village of Schaumburg, Greystar, ISL, Latitude Margaritaville, Revera, Sabra, Silverado, Welltower
