(12/22/14)- We at therubins extended our sincerest apologies to Rafi Vartanian for taking so long to post his email. Somehow or other, it got lost in our email box, and we did not find it until the other day. The site he refers to is an excellent resource for people seeking information on the topic, and we highly recommend it.
I'm writing today to request to be added as a resource/helpful-link on your website. If you think our content might be useful to your site's visitors I wanted to know if it would be possible for you to add http://www.aboutassistedliving.org/ to your list?
We work to provide unbiased information on assisted living and long term care. Our assisted living guides are written by medical professionals with years of nursing experience, and our state-specific guides cover rules and regulations in easy to understand terms. We have also just recently published a series of new care guides for Alzheimer's/dementia, traumatic brain injury, in-home care options, as well as caring for an unwell spouse or child with disabilities.
Our information is provided for free and built to be accessible across different devices and with screen reading software. We're also listed as a resource on sites like the Idaho Medical Association, the University of Alabama TBI Center, and the Huntington's Disease Society of America.
If you have any questions or suggestions for our website please do not hesitate to contact me.
(2/26/14)- Brookdale Senior Living Inc., and Emeritus Corporation announced the signing of a definitive merger agreement that will create the nation’s first national senior-living solutions company. Following the merger, a Brookdale community will be within 10 miles of 6.5 million seniors 80 or older. The transaction is expected to close in the third quarter of 2014.
The transaction will expand Brookdale’s unit capacity by more than two-thirds to a total of about 112,700 units in 1,161 communities in 46 states. Its units will be located in 330 markets, where 80% of the U.S. population is located.
Emeritus is the nation’s largest assisted living and memory care provider, with the ability to serve nearly 54,000 residents in 45 states. It employs over 31,000 people. Brookdale is located in 649 communities in 36 states, and has the ability to serve 67,000 residents
(5/22/13)- Starting in April 2013, two major vendors of long-term care insurance-John Hancock and Genworth Financial-increased their rates for women by 15% to 40%. They attributed the increase for the rates for women to two factors. One is that women live longer than men do and secondly, women required more specialized care than do men.
(3/1/13)- Assisted Living Concepts, Inc, an operator of assisted living communities agreed to be bought by TPG, a private investment firm for about $277 million.
TPG plans to pay $12 in cash per Class A share, and $12.90 in cash for each Class B share of common stock of Assisted Living. The Class A shareholders need to approve the deal, and a dissident group has already announced that it feels the price is insufficient.
If the deal is approved, TPG will own 210 senior living residences in 20 states. The deal has been approved by the Assisted Living board and a special committee of directors formed in connection with its exploration strategy options.
(10/24/10)- Ventas Inc. of Louisville, KY, a real-estate investment trust, announced that it would pay $1.35 billion in stock to acquire the real-estate assets of Atria Senior Living Group, the fourth-largest U.S. operator of assisted living units.
The deal is expected to close in the first quarter of 2011, and it will make Ventas the country's largest owner of senior housing units, with over 35,000 such facilities. Ventas is owned by private equity funds affiliated with Lazard Freres & Co.'s Lazard Real Estate Partners.
With the purchase, Ventas will acquire 118 senior housing communities from Atria. Atria's management company will be spun off into a separate entity that will continue to manage the assets under a new contract with Ventas. This is the 6th acquisition in as many years by Ventas.
Earlier this year the real estate investment trust agreed to buy privately owned Lillibridge Healthcare Services for $381 million. The acquisitions include the 2007 purchase of an equity stake in Sunrise Senior Living for about $2 billion, and a 2004 deal to buy Eldridge Trust, another healthcare real-estate investment trust.
(12/31/09)- As a follow-up to our item dated 10/14/09 below, Redwood Capital Investment LLC acquired the assets of the Erickson Retirement Communities, one of the largest senior housing developers in the U.S. for $365 million. Erickson had filed for Chapter 11 bankruptcy protection in October.
The auction for the assets of Erickson took place over an 18-hour period of time, and the winning bid indicates that there is renewed interest in the senior-community market.
Erickson, which is based in Baltimore, has developed and managed 19 community facilities in 11 states that are home to 23,000 seniors. Redwood is a closely held investment company headed by Jim Davis, the co-founder of Allegis Group, a staffing service firm headquartered in Baltimore.
Before the auction, Erickson had announced a preliminary deal to sell itself to Redwood for $105 million in cash and the reinstatement of some debt. A team headed by Kohlberg Kravis Roberts & Co, along with 2 other private equity firms submitted a bid, which forced the auction
(10/14/09)- The National Investment Center for the Seniors Housing & Care Industry estimated that there are now about 330,000 continuing-care units at entrance-fee communities in the U.S., which is about 32% more than existed three years ago.
Financial distress is rearing its ugly head in this area as the recession takes more and more of its toll on older Americans. One of the biggest developers in the comprehensive retirement community business is Erickson Retirement Communities. The company, which vigorously expanded in the good times, now finds itself burdened with debt, and fewer applicants because of the economic times.
Erickson failed to make an interest payment on a $48 million junior corporate loan, and has about $244 million in corporate debt outstanding. Erickson manages 19 "continuing-care retirement communities" around the country. A "continuing care" community offers independent living, assisted living and skilled nursing facilities on the same campus.
The company was founded in 1983, and refunds resident's entrance fees after they pass away or move elsewhere. Residents sigm a "residence and care agreement" when they move in specifying that their deposits are refundable.
The Special Committee on Aging of the U.S. Senate has directed the Government Accountability Office to study the risks facing continuing-care residents and to assess whether the developments are sufficiently regulated.
Erickson lost a Hilliard, Ohio development to foreclosure, but the company promptly returned the residents' deposits.
Continuing-care communities are often sponsored by nonprofit organizations, giving them access to tax-exempt bond financing. Erickson develops the community and then leases them to not-for-profit corporations, which manage them.
(10/23/07)- Back in 1989 New York State authorized the development of life-care or continuing-care communities. The purpose of this type of situation was to cover older people who were not yet ready for assisted living facilities, while on the other hand want to make their living arrangement before such other arrangements would have to be made because of the growing frailty and health of the individuals involved..
The first continuing-care development in Nassau County in New York State will open to residents in about two years. More than three-quarters of the 226 apartments are spoken for. The $282 million project, Amsterdam in Harborside is sponsored by the Amsterdam Nursing Home on the Upper West Side of Manhattan, a nonprofit organization, and co-developed by the Greystone Communities of Irving, Texas, a subsidiary of Sunrise Senior Living.
Residents of these projects will live independently, but contract in advance once they require assisted living and nursing care on the premises. Fully refundable entrance fees for the apartments range from $465,000 to $2.3 million, with monthly fees ranging from $2,400 for a single person in a one-bedroom apartment to $7,500 for a penthouse. These fees cover 30 meals a month, housekeeping, activities and group transportation as well as future health care needs.
New York State has 8 of this type living arrangement operating with a ninth one coming on stream shortly in Buffalo. Five others, including Amsterdam are in the pipeline. Pennsylvania has more than 200 licensed continuing-care communities.
New York recently liberalized its regulations in this area because of how few of these type arrangements were being built. They now have 7 years instead of 3 years to become fully financed. They are now allowed to invest 5% of their assets in stocks. New York recently approved a continuing-care facility in Binghamton that will be the first in the state to allow residents to pay for services only as they need them.
FOR AN INFORMATIVE AND PERSONAL ARTICLE ON PRACTICAL SUGGESTIONS WHEN SELECTING A NURSING HOME SEE OUR ARTICLE "How to Select a Nursing Home"
updated December 22, 2014