Seniors Housing Business

AUG-SEP 2018

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

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www.seniorshousingbusiness.com 65 August-September 2018 n Seniors Housing Business CapitalSource is a division of Pacific Western Bank, Member FDIC. This is not a commitment to lend. All offers of credit are subject to credit approval. At CapitalSource, we listen to your business plans and structure loans that make sense for your vision. Whether you plan to acquire, reposition, recapitalize, or refinance property types such as skilled nursing, assisted living, memory care, independent living, or medical office, we will deliver the creativity and flexibility that your company needs to fuel your future. A LENDING PARTNER WHO LISTENS. Creativity and flexibility to fuel your future. READY TO GROW? GIVE US A CALL. Don Kelly Senior Director Healthcare Finance 941.309.5322 dkelly@capitalsource.com For more information, visit capitalsource.com/shb0818 West Coast Property Medical Office $15,700,000 Senior Term Loan Midwest Portfolio Assisted Living $9,700,000 Senior Term Loan Midwest Property Skilled Nursing & Assisted Living $5,925,000 Senior Term Loan ness program means fewer falls and physical issues for residents, meaning a longer, happier, health- ier life, says Williams. The company is also a big believer in being 100 percent owner and operator of all its prop- erties — "no outside partners, no REIT money," says Williams. Developments are funded through a combination of conventional loans and HUD financing. "Since we both own and operate, then our success breeds more suc- cess," says Williams. Although the company is bull- ish on seniors housing as a whole, it is seeking "controlled, strategic growth" of one to two ground- breakings per year "in the right markets." "The future is pretty foggy these days for the entire industry," says Williams. "One of our mantras is that 'if you're not growing you're dead,' but we don't want to grow too fast." Focus on memory care One particular area for HHHunt's planned growth is in memory care, which generally accounts for approximately 40 percent of the beds in any given Spring Arbor community. The memory care areas are split into smaller cottages of approximately 20 beds each. "The need is there for qual- ity memory care programming," says Fox. "We're growing more and more into that cottage model, where our teams can interact and facilitate programming and care in a more intimate and dignified setting." Christine Stempel, a registered nurse and the company's senior director of quality and education, says Spring Arbor's cottage system creates a safe, enriching living envi- ronment for those with memory issues. The cottages offer clear sight lines, lots of environmental cues, and few corners and blind spaces that create challenges for residents. "For residents struggling to make sense of their world, it allows them to see everything," says Stempel. "It gives them famil- iarity. It gives them an ease in nav- igating and living in their home." HHHunt is currently working on research and development to further innovate its memory care model, says Williams. The com- pany is considering making its neighborhoods even smaller and more boutique. "You can't be too much of a pio- neer; we have to be methodical," says Williams. "But given our long-term play in the indus- try, we want to make sure the product has that long-term suc- cess rate, some- thing that we can add a little bit of our own stamp to." The company is also quite active in fun- draisers and events for a variety of chari- ties that seek to end Alzheimer's disease and other forms of dementia. "While we all want to provide a better qual- ity of life for A l z h e i m e r ' s sufferers, we wish it wasn't a business oppor- tunity," says Richard Williams Greg Fox Christine Stempel

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