Seniors Housing Business

ASHA 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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2018 ASHA 50 67 AS H A 50 2018 Discovery does not have its own home healthcare service, the com- pany maintains a network of outside home health providers. "We still need a wellness pro- gram," says Hutchinson. Quickly solving health issues has reduced resident turnover, he adds. Aging in place Developers and operators try to balance lifestyle and service. Tradi- tionally known as an independent living provider, American House Senior Living Communities is now developing new projects that offer a continuum of care — independent liv- ing, assisted living and memory care. American House is a developer, owner and operator of seniors housing. The Bloomfield Hills, Michigan-based company owns and operates 60 communities in the Mid- west and Florida. American House is an affiliate of Redico, a commercial real estate company based in South- field, Michigan. "Independent living has changed," says Dale Watchowski, CEO at Amer- ican House. "The market is evolving." Echoing other providers, Wat - chow ski notes that residents are older, but also healthier. They're more savvy about technology and interested in healthy eating and wellness. "This generation is active," says Watchowski. American House has been add- ing lifestyle-type features, such as bistros, to its older communities. Villas — which in this case are small, connected townhouses — are being added on campuses where land is available to attract younger residents. To fill out the continuum, mem- ory care buildings of 20 units each are also being added to communities where possible. American House Roseville, Michigan, recently added memory care units as well as villas for independent residents. "People want to age in place," says Watchowski. American House contracts with third-party home healthcare compa- nies to provide extra care for inde- pendent living residents who need more help but who don't want to move to assisted living. In his expe- rience, Watchowski says residents don't move from independent living unless they need memory care. American House generally targets the middle market. Rents vary by market, but average about $3,000 a month. The company is converting some two-bedroom units into shared suites to provide a more affordable option. Rising construction and land costs are making it more difficult to develop independent living-only properties, says Watchowski. High costs are easier to justify with an PNC REAL ESTATE | If you need a lender who understands seniors housing financing inside and out, you can count on PNC Real Estate to help you realize your vision. We provide expertise in Fannie Mae, Freddie Mac and FHA agency solutions and offer a range of construction and bridge lending options. Developing the right solution isn't always easy, but together we can accomplish it — whether you are building, acquiring or refinancing. If you're ready to build a solid relationship with a lender backed by 160 years of experience in financial services, we're ready to help. PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. ("PNC"). Lending products and services are provided by PNC Bank, National Association ("PNC Bank"), a wholly-owned subsidiary of PNC and Member FDIC. PNC Bank and certain of its affiliates, including PNC TC, LLC, an SEC registered investment advisor wholly owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Capital segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to low income housing tax credit ("LIHTC") and preservation investments. PNC TC, LLC, provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC and preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product. Lending products and services may require credit approval. ©2018 The PNC Financial Services Group, Inc. All rights reserved. CIB RE PDF 0718-0107-879301 RE A L E S TATE BA NK ING | AGENCY FIN A NCE | TA X CREDIT C A PITA L | MIDL A ND LOA N SERV ICE S ◊ To learn more, visit pnc.com/realestate. we can develop the right solution together .

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