Seniors Housing Business

APR 2018

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

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Editor's Letter 6 www.seniorshousingbusiness.com Seniors Housing Business n April 2018 Recognizing that seniors hous- ing is a capital-intensive industry, this special edition of our magazine focuses almost exclusively on debt and equity financing trends shaping the property sector, one that is full of opportunity but also fraught with potential pitfalls. We kick off our coverage with an in-depth look at several factors affecting the flow of foreign capital into the U.S. seniors housing indus- try, including the EB-5 visa pro- gram, government regulations and investors' time horizons. In addition to seeking healthy returns, Chinese investors have an added incentive to learn as much as they can about seniors hous- ing abroad. With some 220 million people in China over the age of 60, investors are looking for successful seniors housing business models that they can emulate back home. The lack of affordable housing is a growing crisis in America. Nearly all of the new affordable housing built in this country is financed with money raised through the federal Low-Income Housing Tax Credit (LIHTC) program. The passage of the Tax Cuts and Jobs Act has given the economy a short- term boost. The mea- sure, which cuts the top corporate tax rate from 35 percent to 21 per- cent, encourages busi- ness investment and job creation. But as a result of the lower cor- porate tax burden, investors such as banks clearly have less incentive to buy housing credits and claim tax- liability benefits. Our story looks at how developers are adjusting to this new reality. And no assessment of the capital markets would be complete without an update on Fannie Mae and Fred- die Mac, whose annual production volume of $5.5 billion and $3.6 bil- lion respectively in 2017 reached a record high. Lastly, our lender roundtable focuses on trends in underwriting and addresses the hot-button issue of overbuilding. There is no short- age of opinion. Dynamic business draws global interest Matt Valley H O U S I N G B U S I N E S S ® SENIORS Seniors Housing Business® (ISSN 2168-9199) is published six times per year by France Publications, Inc., d/b/a France Media, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Rd., Suite 415, Atlanta, GA 30305. Telephone: 404-832-8262. E-mail: seniors@ francemediainc.com. Postage paid at Atlanta, GA, and additional mailing offices. POSTMASTER: Please send address changes to Seniors Housing Business, P.O. Box 47065, Plymouth, MN 55447-0065. ©2018 France Publications, Inc. Seniors Housing Business® is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $78; 2 years, $112. Single copies are $15. The opinions and statements made by authors, contributors and advertisers to Seniors Housing Business are not necessarily those of the editors and publishers. To photocopy items from Seniors Housing Business in quantities of 100 or less, authorization must obtained from and a fee paid to the Copyright Clearance Center, 222 Rosewood Dr., Danvers MA 01923. Telephone: (978) 750-8400. For quantities of more than 100 or for PDFs, please contact Barbara Sherer, manager of special advertising at 404-832-8262 or bsherer@ francemediainc.com. For subscriber services, please call 1-800-869-6882 or write to: SENIORS HOUSING BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065; e-mail: SRHB@kmpsgroup.com Or visit www.seniorshousingbusiness.com/subscribe Chairman and CEO Jerrold France President Scott France Chief Financial Officer Michael F. Jacobs Senior Vice President, Editorial & Operations Randall Shearin www.francemediainc.com Publisher Richard Kelley (914) 468-0818 rkelley@francemediainc.com Media Advisors (404) 832-8262 Eric Goldberg egoldberg@francemediainc.com Andrew Johnson ajohnson@francemediainc.com Ryan Nixon ryan@francemediainc.com Editor Matt Valley (404) 832-8262 mvalley@francemediainc.com Managing Editor Jeff Shaw jshaw@francemediainc.com Contributing Writers Jane Adler Bendix Anderson Graphic Designer Nick Topolski Published by France Media, Inc. Vol. 7, No. 2 April 2018 Providing: Mezzanine and Subordinate Loans, Preferred Equity, Sims HUD Plus SM , High-Leverage First Mortgages, FHA-Insured Loans n Higher leverage n Flexible structure n Non-recourse financing n Trusted partner Sims is the Right Capital Partner hjsims.com simsmortgage.com Curtis King Senior Vice President, HJ Sims 512.519.5003 cking@hjsims.com Anthony Luzzi President, Sims Mortgage Funding 201.307.9383 aluzzi@simsmortgage.com Your needs. Our can-do approach. Sims Mortgage Funding is a wholly-owned subsidiary of HJ Sims. Member of FINRA , SIPC.

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