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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Page 68 of 80

AS H A 50 68 2018 ASHA 50 2018 SEAN HUNTSMAN (949) 719-4745 TOM PETERS (360) 609-1166 HEIDI BEGEOT (541) 980-2081 At Barings Multifamily Capital, we aim to create long-term value by providing best-in-class service through all stages of the financing life cycle. As a direct lender, we are committed to serving as a trusted partner, offering a comprehensive set of short- and long-term financing solutions to property owners nationwide. Adaptability. It's the new look of partnership. Partnership, Every Step of the Way B A R I N G S M U LT I F A M I LY. C O M FA NNIE M A E ® | FRED D IE M AC | FH A | B RID G E | BA L A N CE S HEE T MULT IFA MILY | AFFORDABLE HOUSING | SENIORS HOUSING | S T UDEN T HOUSING Barings Multifamily Capital LLC, Arizona Commercial Mortgage Banker License CBK – 0926535; California Financing Law License 603 F812; California commercial real estate broker activities are conducted through Barings Multifamily Capital Corporation (California Bureau of Real Estate Broker License #01995692), which is a wholly owned subsidiary of Barings Multifamily Capital LLC. FANNIE MAE ® is a registered trademark of Fannie Mae. Barings Multifamily Capital is a wholly owned subsidiary of Barings LLC. 18-546586 assisted living or memory care building that can charge big rents. Competing product emerges While the needs and wishes of current residents are top of mind for independent living providers, they're also focused on what the next gener- ation of seniors will want. "We keep an eye on that," says Watchowski. Mather LifeWays is already selling to baby boomers, offering insights into what's ahead for the independent living market. The nonprofit organization operates two life plan communities and a rental community. Another life plan community is under development in McLean, Virginia. Life plan communities, which require a large entrance fee, tend to attract younger seniors — some as young as age 60 — who plan ahead and want to know their needs will be taken care of. A robust website is a must to market to baby boomers, according to Mary Leary, president and CEO at Mather LifeWays based in Evan- ston, Illinois. Baby boomers expect websites to provide a lot of detail, including floor plans. They want the option to create their own service plan, customize their units, and enjoy the latest ame- nities, says Leary. "The baby boom- ers want it their way." Communities must respond with more flexibility and creativity, notes Leary. For example, Mather's life plan community Splendido at Rancho Vistoso in Tucson, Arizona, introduced pop-up restaurants. Three nights a month a special dinner is offered in a location other than a dining venue on the campus. New condominiums and rental apartments represent serious com- petition. Packed with services and amenities, the projects look very much like a senior living commu- nity but they're not age-restricted, thereby avoiding the stigma associ- ated with older residents, says Leary. New condominiums and rental apartments are attracting empty nesters and millennials, two groups with high expectations. Leary tours the competition to see what's being offered. Fancy swimming pools, fitness centers, restaurants, smart home technology and co-working spaces are common. One new condominium project has a restaurant on the top floor with its own sommelier. "Add some home health or telehealth and people may not ever need to move," says Leary. One building she toured even has a dog washing station. "I never thought we would have a dog washing station in our life plan com- munity," muses Leary, "but we're looking at it." n

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