While highrise senior living projects are grabbing headlines in major metropolitan areas such as New York City and Washington, D.C., the trend is also playing out in smaller cities around the country. One case in point is a 24-story continuing care retirement community (CCRC) expansion that recently topped out in Norfolk, becoming the tallest residential […]
Henry Ford Village, a 1,038-bed nonprofit continuing care retirement community (CCRC), has filed for Chapter 11 bankruptcy protection. The spectre of financial distress has loomed over the senior living industry since Covid-19 began sweeping across the United States last spring, placing providers under enormous operational and financial pressure. Providers that were strained prior to the […]
The trend of nonprofit senior housing affiliations snowballed in 2019, and smaller providers now are more motivated than ever to initiate discussions with larger groups. And, more nonprofit providers are diversifying their service lines in order to provide care to seniors off campus. These trends are on display in the 17th annual LZ 200 list […]
Erickson Living on Friday announced a joint venture with National Senior Campuses (NSC) to develop and manage new continuing care retirement communities (CCRCs) across the country. The announcement deepens the longstanding relationship between the two firms. NSC is the largest nonprofit senior living organization on the 2020 LeadingAge/Ziegler 200 list of nonprofit operators. It has […]
Nearly seven months into the Covid-19 pandemic, continuing care retirement communities (CCRCs) are assessing their financial positions and operational practices, and are beginning to execute on longer-term strategies in response to new market conditions and consumer expectations. For example, some CCRCs — also known as life plan communities — are expanding non-campus services and launching […]
While for-profit senior living providers are still expanding at a much more rapid pace, nonprofits are continuing to gain scale and sophistication in the midst of Covid-19, and are strategizing about how best to compete and command market share coming out of the pandemic. The “optimum” nonprofit senior living system of the future likely will […]
While some other senior living providers are pausing growth plans during Covid-19, one small nonprofit in a state with a fast-growing population of older adults believes the best course of action is to extend its reach. Kalispell, Montana-based Immanuel Lutheran broke ground last month on an expansion to its campus — a collection of four […]
Like other providers throughout the senior living industry, LCS battled hard when Covid-19 reached U.S. shores in early spring. LCS prioritized resident and staff safety, and dealt with the same operating pressures as the industry at large in April and May, when outbreaks were at their highest. Then, it was June that marked a financial […]
Many non-profit life plan communities in the U.S. withstood early Covid-19 pressure and are now seeking stability in these new and uncertain times. That is among the top takeaways from a new report by Fitch Ratings. The report, released Tuesday, shows that 84.5% of the 159 non-profit life plan communities in the firm’s rated portfolio […]
Thanks to a complex transaction that was four years in the making, a distressed Florida continuing care retirement community (CCRC) will have a new owner and manager — and could become a model of modern senior living at a more affordable price point. “We identified this as an opportunity because it’s kind of been untouchable, […]
