Senior Living Development News, April 10, 2014 - More memory care coming to Austin, Omega Communities pursues faith-based opportunities, “Cutting-edge” memory care comes to Kansas City
April 10, 2014:
Your biweekly update on people, places, projects, plus...
The LaSalle Group recently broke ground on two assisted living communities in and around Austin, Texas, that will specialize in memory care. Autumn Leaves of Northwest Austin, a $10.7 million project in the lovely Hill Country, will comprise 26,000 square feet and accommodate 46 residents living with Alzheimer’s, dementia, and other types of memory impairment. Autumn Leaves of Georgetown, a $10.3 million project, will also comprise 26,000 square feet but will accommodate 50 residents requiring memory care. The company expects to complete both projects by the end of 2014.
Austin, a vibrant city with a current population of 1.8 million and a growth rate of 2.8%, is one of the fastest-growing cities in Texas. Austin has also become one of the most popular retirement destinations in the country; and with any significant influx of seniors, the need for memory care greatly increases. The two new communities being built in Austin will feature advanced technology, such as state-of-the-art motion sensors, that allows residents to enjoy added independence in a safe, comfortable environment. Once open, the new communities will also offer services to local families, including educational seminars, Alzheimer’s support groups, day stays, and respite care.
The LaSalle Group, based in Irving, Texas, designs, develops, builds, manages, and owns 36 Autumn Leaves memory-care communities that currently serve 1,800 residents in four states........... Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Omega Communities, based in Birmingham, Alabama, is differentiating itself in the development arena by focusing on the company’s relationships in the faith-based community. Combining the investment opportunity in senior housing with the affinity of “dynamic, impacting churches” presents benefits that investors are likely to find both substantial and sustainable, according to Omega. At the same time, church partners fulfill their mission of ministering to seniors in their local communities—and share in operating revenues. The company’s “affinity relationship” model for developing senior living communities requires a sponsoring church that meets “strict financial and impacting criteria,” often including unencumbered land available to contribute to the project. In addition, a market study performed by a qualified national expert (e.g., Cushman & Wakefield) must corroborate the need for the project.
Omega’s first community developed under this new initiative is now underway in Sarasota County, Florida. Once complete, Springs of South Biscayne, situated on the campus of South Biscayne Church in North Port, will include 95 assisted living apartments and 35 memory-care units. Financing for the $24.5 million project was structured by H.J. Sims and includes $21.8 million in tax-exempt senior drawdown bonds purchased by a single investor (Orix), along with $2.7 million in tax-exempt subordinate bonds. The drawdown feature reduced the required capitalized interest funding by more than $1.5 million dollars, according to Sims.
Church sponsors will have no management or ownership role in the senior living communities developed under this new Omega model; LCS will manage operations for each project. Church partners are, however, allocated a percentage (10-25%) of the net distributable cash flow (after debt service) of the project upon stabilization. Omega already has long-term relationships with hundreds of churches, pastors, and senior church staff. And over the next several years, the company intends to develop, own, and operate a collection of about 50 senior living communities through both development and acquisition.........Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Last week, Wexford Place Assisted Living & Memory Support by Senior Star celebrated its grand opening. The new community, adjacent to the Wexford Place independent living community in Kansas City, Missouri, features 43 assisted living and 44 memory support residences designed specifically for people facing Alzheimer’s disease or dementia—whether they require just a helping hand or full specialized care. As in all Senior Star communities that offer memory care, Wexford Place Assisted Living & Memory Support has a Snoezelen® multisensory room to help in the management of dementia-related behavior by stimulating the person’s various senses; Functional Destination Programming® to engage the person in familiar cognitive activities (e.g., typing on a typewriter) that provide a sense of purpose and fulfillment; easy-to-use Dakim® BrainFitness™ software with a self-adjusting difficulty level for each individual; and Wii and iPod music systems that have an amazing ability to awaken people who were previously not communicative or engaged—and also provide a great way for grandchildren to interact with the resident.
Shortly after Senior Star entered the senior housing business, the prevalence of some form of cognitive impairment among the residents became quite obvious, according to Letitia Jackson, Vice President of Health Services and Programs, so moving into the memory care arena became a clear focus. For more than five years now, every Senior Star community employee, including independent living staff, has received training and orientation to prepare them to address the needs of those with dementia. Senior Star, based in Tulsa, Oklahoma, now manages 13 independent living and assisted living communities in six states; eight of those communities provide memory care services.........Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
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