Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
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assisted living — have similarly sized units. Residents who move from independent living to assisted living don't have to downsize and suffer another loss, according to Jim Parker, senior vice president of development and capital markets at Denver-based Spectrum. Residents who must move to assisted living can still use the same common areas, well- ness center and dining venues, he adds. Spectrum recently developed and opened new buildings in Eugene, Ore., and in Creve Coeur, Mo., near St. Louis. Monthly rents in independent living units average about $2,500. Spectrum offers a program to help those seniors with failing memories to stay in assisted liv- ing as long as possible instead of moving to a secure dementia unit. A life enrichment staffer with special training in memory care supervises about eight residents, making sure they attend activi- ties and stay safe. "It adds to the resident's quality of life and costs less than full-blown memory care," says Parker. Assisted living redefned Assisted living was originally conceived as a social model in contrast to nursing homes that provide medical care. In the 1990s, when assisted living frst appeared in many suburbs, consumers welcomed the idea of a place to age that was not a nurs- ing home — the only alternative at the time to home care. As assisted living grew in popularity, states stepped in to regulate the facilities. But not all states have kept up with the new reality of aging residents, building operators say. Many states still regulate facilities under a social model instead of a medical model. Regulations vary from state to state, presenting a challenge to building owners with properties located in multiple states. Take, for example, the administration of insulin via a dial-a-dose pen, notes Benchmark's Handelson. In New Jersey, insulin doesn't have to be given by a registered or licensed practical nurse. Con- versely, in New Hampshire, a licensed practical nurse or regis- tered nurse must handle the job. But in Massachusetts, even under newly passed regulations, a registered nurse employed by the assisted living facility cannot give insulin, thus resulting in more cost for the family as a result of having to hire home care and pay privately since the service is not covered by Medicare. "These antiquated regulations © 2015 Wells Fargo Bank, N.A. All rights reserved. WCS-1239608 Fredericka Manor, Chula Vista, CA Investing in the future of senior housing Contact us today. Melissa Peters • 410-332-5383 • melissa.k.peters@wellsfargo.com Cathy Voreyer • 949-251-6058 • cathy.voreyer@wellsfargo.com wellsfargo.com/seniorhousing $35,136,000 FHA 232/223(f ) Independent living, assisted living, and skilled nursing facility 499 total units Chula Vista, California Fannie Mae • Freddie Mac • FHA • Construction Bridge • Mini-perm • Repositioning/Rehabilitation A life enrichment program "adds to the resident's quality of life and costs less than full-blown memory care," says Jim Parker, senior vice president of development and capital markets, Spectrum Retirement Communities LLC. Spectrum Retirement Communities LLC recently developed and opened this new building in Creve Coeur, Mo., near St. Louis. Monthly rents in the independent living units average about $2,500. 52 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2015