Seniors Housing Business

OCT-NOV 2017

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

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44 Seniors Housing Business n October-November 2017 Popular Healthcare Division. For those who know the value of seeing a specialist $16,000,000 Mortgage Loan Skilled Nursing Facility California Mortgage Loan Skilled Nursing Facility Maryland $13,000,000 Mortgage Loan Skilled Nursing Facilities & Working Capital Line Skilled Nursing Facility New York $19,212,000 $1,500,000 • Leasehold Improvement Financing • Bridge Financing • Permanent Financing • Acquisition Financing Popular Community Bank has a dedicated national team of relationship managers who specialize in working with healthcare organizations. With years of experience in the healthcare industry, we have extensive expertise in the following areas: 1 To learn more, please contact our Director of Healthcare Financing, Kenneth Mitchell, at 212-417-6840 or 1. All financing is subject to credit approval. Copyright ©2017 Banco Popular North America. Member FDIC. the planning and pre-sales. That's our niche and what we like doing. What's unusual about it is we're really involved day-to-day in the communities. We know the mem- bers and the members know us. We know the staff. We're really involved, even in a large-scale project. A lot of seniors housing owners have so many properties that the executives can't visit all of them. We're really involved as an owner- operator, interacting with the cus- tomer. We enjoy that part. That's where we're a little bit against the grain. SHB: You're exclusively in the greater Atlanta area. Do you have plans to expand geographically, or are you content staying local? Isakson: There are a lot of opportunities in Atlanta. We can do everything close to home and stay busy. We don't have to travel. It's an advantage to have mul- tiple properties in the same market — knowing what goes on in your own backyard. It's a better strat- egy to have five properties in one market than one property each in five cities. That said, I've done other kinds of real estate outside Atlanta so I wouldn't rule it out. We may do it as an operator in partnership with somebody else in the Southeast. SHB: The seniors housing indus- try seems to be in the midst of many changes right now. Where do you see us going, and what's the best way to get there? Isakson: In the last 10 years since the Great Recession, the industry has focused on needs- based housing because that fared better during the recession. We've neglected the want-based prod- uct, and I think there are a lot of opportunities there. In the past we dealt with the World War II generation. Now we've got the Baby Boomers and they're wanting something differ- ent. We're all trying to see what that's going to be. There's going to be a lot of new products and interesting things going on, particularly in the want-based areas. We're going to blur the line between active adult and traditional seniors housing. I don't think consumers will take a lot of product that we've sold in the past. There's going to be some interesting changes there in how the industry develops. SHB: You're repositioning to stay ahead of the curve, expanding and implementing the household model. Is that a solution for the older product to stay competitive? Isakson: Early on in my career I said to myself, "I'm going to stick to what I know. It's been success- ful, so I'm going to do it again." Then I learned that what worked yesterday isn't always going to work tomorrow. Things change. You always have to look at what you're doing, be innovative and try to get out in front of trends to be successful. We're all going to have to look at our product and how it needs to change. Everything needs to be updated as you go along. I don't think we can just plan on doing the same models over and over again. We have to look at what's working and make improvements to them. We're always trying to improve on what we do, to either innovate or adopt innovative measures. For example, we found a pri- vate consulting company founded by Dr. David Sheard in the United Kingdom called Dementia Care Matters. The company is doing its first project in the United States with us. It is a household model program, but with some unique approaches to memory care. Feelings matter most in mem- ory care because the emotions are the last thing to go for seniors with dementia. They can't put two words together, but they still understand love and hate and relationships. We're in a yearlong training pro- gram of how to better operate such that we're sensitive to people's feelings and know how to relate to them. I'm really excited for that pro- gram. We didn't invent it, but we're adopting it because it's so innovative. I think it's going to offer a lot better product. SHB: What's something people in the industry would be surprised to learn about you? Isakson: I'm 65 years old, I'm in good health and my wife's in good health. I'm not ready to stop work- ing, but I am buying a unit here in Peachtree Hills Place. It's a life- style decision for me and I think it's a great decision. It's going to improve our lifestyle. It's in town, it's close to a lot of things. We have the amenities of the club and it's a short trip to work. I'm not doing it as a marketing gimmick. I'm doing it because it makes sense for us as a lifestyle decision. That's a reflection on the product. n

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