Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
Issue link: https://seniorshousingbusiness.epubxp.com/i/484276
© 2015 General Electric Capital Corporation. All rights reserved. All transactions subject to credit approval by GE. Funding may be provided through GE Capital, Healthcare Financial Services affi liate, GE Capital Bank, Member, FDIC. You want to grow your senior housing and long- term care business. Our expertise can help you succeed. At GE Capital, Healthcare Financial Services we've delivered more than $75 billion in healthcare financing solutions over the past 10 years. If growth is your business plan, it's time to talk with us. For more information, visit www.gecapital.com/ seniorhousingbusiness1. HEALTHY GROWTH FOR YOUR BUSINESS: IT'S WHAT GE CAPITAL'S HEALTHCARE FINANCING EXPERTISE IS ALL ABOUT. $15,000,000 First Mortgage & Construction Takeout Administrative Agent & Lender $12,300,000 First Mortgage Administrative Agent & Sole Lender $72,000,000 First Mortgage Administrative Agent & Lender $32,500,000 First Mortgage Administrative Agent & Lender $20,000,000 First Mortgage Administrative Agent & Lender $99,000,000 First Mortgage Administrative Agent & Lender $150,000,000 First Mortgage Administrative Agent & Lender $64,000,000 First Mortgage Administrative Agent & Lender $225,000,000 First Mortgage Administrative Agent & Lender About the writer Jane Adler is a freelance reporter who has covered seniors housing for more than 10 years. She reports on the industry as well as consumer trends. a place for retiring Quaker mis- sionaries. But over the years, the community shifted its focus to serve a wider group of residents from the surrounding area. "We look at serving the community at large," says Randy Brown, CEO at Rowntree Gardens. The project is a CCRC that offers both entrance-fee contracts, averaging about $200,000, and rentals for about $3,000 a month. In the wake of the reces- sion, interest in the community plateaued, says Brown. Seniors were staying in their homes because of the weak real estate market. For- tunately, the property didn't carry much debt, so it was able to slide through the economic downturn. But it still wasn't attracting a suffcient number of new prospects. Rebranding the community was important, notes Brown. While the community has main- tained its faith-based values, many potential residents saw the old name as a stumbling block. "The name of 'Quaker Gardens' was preventing people from taking a look at us," says Brown. "The name was a true barrier." Research and focus groups showed that the Quaker name brought up images of Quaker Oats cereal, or old-fashioned people stuck in the past. The name was a turn-off, leaving those surveyed unwilling to hear anymore about the community. The decision was made to keep the word "gardens" in the new name since the eight-acre cam- pus surrounds a park. The name, "Rowntree," comes from Joseph Rowntree, an English Quaker and confectioner whose company developed Kit-Kat and Rolo can- dies. He was also a philanthropist who built garden communities for seniors. "We kept our Quaker roots, but for those who are not Quaker, the name 'Rowntree' does not present a barrier," says Brown. Meta Housing faced a similar branding problem early on with its arts communities. The projects were originally named "Artist Colonies." But the name led to some confusion with potential residents thinking they had to be an artist to live there. So the name was switched to "Arts Colony," a more apt description that included any type of artistic endeavor. At Rowntree Gardens, the rebranding has included $3 million in renovations. Com- mon areas have been remodeled. Kitchenettes are being added to units as they turn over. A new outdoor barbeque area is now under construction and other updates are planned, including the addition of more programs for grandchildren. While it's still early in the rebranding process, a new web- site launched last fall has resulted in a 30 to 40 percent increase in inquires. The property's census has already risen by 5 percent. "We've seen some good results," says Brown. "Times here are exciting." n "We kept our Quaker roots, . . ." says Randy Brown, CEO, Rowntree Gardens. www.seniorshousingbusiness.com 43 February-March 2015 n Seniors Housing Business