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April 2008 Getting It Done with HUD Financing: One of the best kept secrets in America "Given the current interest rate market, it may be an ideal time for you to refinance your facility, make capital improvements, or otherwise revisit your financing situation. When doing so, consider a HUD loan and the benefits it has to offer."  Ellen Guelfi, Vice President CWCapital For apartments, assisted living facilities and skilled nursing facilities, the Department of Housing and Urban Development (HUD) has some of the best loan programs available in the United States. Unfortunately, there is a misconception in the industry that preparing and processing an application for HUD insured financing is a painstaking process. While the execution of a HUD loan may not be as fast as other conventional financing programs, HUD has a combination of unique benefits to offer. These include fully amortizing terms of 35 to 40 years available on the finance of new construction projects, substantial rehabilitation projects, and new purchases and refinance loans. HUD also offers some of the lowest interest rates available, and offers non-recourse lending programs, making its loan programs one of the best kept secrets in America. Many owners are particularly attracted to the peace of mind gained by knowing that a property does not have to be refinanced under a short term balloon note, protecting the borrower and facility from the uncertainty of financing terms in the future. In 2002, HUD implemented a program that has successfully accelerated the delivery of the mortgage insurance programs. The Multifamily Accelerated Processing (MAP) program dramatically reduced the time HUD requires for the review of mortgage insurance applications. Under MAP, the HUD approved MAP lender is responsible for the complete underwriting of the property before the application is submitted to HUD. Therefore, the loan parameters are known early in the process, and HUD is required to review the applications within 45 to 60 days. Working with an experienced HUD lender is the key to processing an expeditious HUD loan. While loan terms and conditions will remain relatively constant from one HUD lender to the next, the quality of the loan execution will not. An experienced HUD lender, CWCapital continuously strives to streamline the delivery of HUD programs while working to ensure that borrowers do not incur delays in the application process. Most delays occur when information is missing or clarification of details is required. The simplest way to assure an expeditious HUD application review is to provide a thorough application package that addresses all possible questions. While this sounds simple, it requires the experience and expertise in HUD programs and processes that CWCapital is proud to possess. Earlier this year, CWCapital launched a variable-rate bridge loan program for healthcare facilities that facilitates and expedites access to the HUD fixed-rate permanent finance program. This bridge loan product affords eligible HUD borrowers the benefits and timing of a capital markets execution while obtaining the high leverage, long term benefits of a HUD loan. Given the current interest rate market, it may be an ideal time for you to refinance your facility, make capital improvements, or otherwise revisit your financing situation. When doing so, consider a HUD loan and the benefits it has to offer. About the Author: Ellen Guelfi is a Vice President and Loan Officer for CWCapital. Based in Boston, CW is a large, national and vertically integrated commercial real estate finance and investment management company that places an emphasis on local service. Prior to joining CW, Ms. Guelfi served as Senior Project Manager at the Boston HUD office for 15 years, specializing in the finance of healthcare and multifamily properties. The statements and opinions in this article are solely those of Ms. Guelfi, and not of HUD or CWCapital. December 27, 2006 - Record Journal News QuietCare seen as potential lifesaver for senior citizens SOUTHINGTON - You are a senior citizen with a number of medical problems that concern your family and have established patterns of behavior ranging from the number of bathroom visits a day to how often you open the refrigerator door or a case concerning various medications. >> Read more ... November 11, 2005 - For immediate release: Benchmark Assisted Living Acquires Five Alzheimer's Communities from Amicus Healthcare Company Continues Expansion in Massachusetts and Connecticut >> Read more ... February 18, 2005 - For immediate release: Residents at Tower One/Tower East "good neighbors" to community, world For further information: Dorothy Giannini-Meyers, President 203.772.1816 New Haven - Those who think the senior citizens who reside at Tower One/Tower East fill their days only with craft projects, exercise classes, and board games couldn't be more wrong. The residents of Tower One/Tower East are among the first to rise to the occasion when members in the local or global community need their help. Take, for example, the recent tsunami disaster in Southeast Asia. Tower One/Tower East residents loaned their support to global relief efforts by choosing two disaster relief organizations. They then collected donations from residents, their families and staff. Many small and some large donations were put together and sent to the organizations. During the winter holiday season, residents remembered those who are less fortunate by joining in a coat drive for a local homeless shelter. The warm winter coats that residents collected were picked up and delivered to the Columbus House Homeless Shelter by the owner of Sweet Relief Café in New haven for distribution at the shelter. Even though there is no formal "social responsibility" program at Tower One/Tower East, CEO Dorothy Giannini-Meyers notes that the seniors who reside in a residential community do what they can to maintain their connection to the wider community. "Community outreach efforts are extremely important to our residents who want to feel that they continue to make a difference and are able to help those in need in any way that they can," Giannini-Meyers said. Other examples of community service programs supported by Tower One/Tower East residents and staff in recent months include participating in the Susan B. Komen breast cancer awareness "wear jeans to work" day, collections for the Connecticut Food Bank, and the Towers' ongoing program with New Haven's Welch Elementary School. Students from the elementary school visit the Towers monthly to participate in arts and crafts activities and to receive a little "grandparent" love. Perhaps the most impressive community service activity supported by the residents is its very own Gift Shop. Residents are in charge of many of the aspects of this "business," including merchandising, pricing, maintaining inventory, etc. Proceeds from the Gift Shop each month are donated to the Towers to purchase perishable and other necessary items for the Food Bank located on its campus and also help to support some of the Towers' activities. "Operating the gift shop - a small retail shop -- is a huge responsibility," Rita Krevit, President of the Tower One / Tower East Residents' Association said. "The proceeds help to support the great life that we have at the Towers." Six floors of brand new assisted living apartments, made possible through a series of grants from the U.S. Department of Housing and Urban Development, were recently opened in Tower One. Seniors interested in one of the remaining assisted living apartments or one of the Towers' well-appointed "classic apartments" should contact Tower One/Tower East for reservation information now. With 365 apartments, Tower One/Tower East is currently home to about 350 residents aged 62 and older. The Towers provides residents with independent housing plus a full-range of assisted living services as well as recreational, social and health support services that are tailored to each individual's needs. Applications are now being accepted for the new assisted living as well as the Tower's "classic" apartments. For further information, call 203.772.1816, ext. 250. Congresswoman Nancy Johnson visits Ashlar of Newtown. Newtown, CT- As one of the Fifth District’s 100 largest employers, Ashlar of Newtown was honored to have Congresswoman Nancy Johnson visit on Friday, February 4th. Johnson met with Ashlar of Newtown department heads, the Chairman of the Board of Directors, the Director of Patient Services from the Brookfield Office of Connecticut VNA, and the President of the Connecticut Association of Not-for-profit Providers For the Aging (CANPFA) to discuss a variety of issues and concerns facing healthcare providers today. Johnson also attended a reception with Ashlar of Newtown and Lockwood Lodge residents, where she answered questions and shared valuable information of importance to seniors. Topics covered included recent changes to Medicare and the new prescription drug discount card, the latest Cardiovascular and Diabetes screenings, the free “Welcome to Medicare” physical exam, and how to manage chronic illness. Informational packets on the “Medicare Modernization Act” were distributed. The packets included information on the many changes taking place in Medicare and contact information for Johnson’s office for those with additional questions or issues to discuss. Ashlar of Newtown is an affiliate of Wallingford-based Masonicare, Connecticut’s largest not-for-profit provider of senior-focused healthcare and retirement living. Contact: Laura Vhay, Marketing and Community Relations, Ashlar of Newtown 203-364-3127 lvhay@masonicare.org Benchmark Assisted Living Names New COO Christopher Rio Brings 26 Years of Hospitality and Assisted Living Experience Wellesley Hills, MA (January 28, 2005) - Benchmark Assisted Living, the largest assisted living provider in New England and one of the top 10 nationally, announced today that Christopher Rio will join the company as chief operating officer. Rio is a proven leader in the hospitality and assisted living industries. Rio joins Benchmark from Southern Assisted Living, Inc. (SALI), a premier provider of senior living services in the Mid-Atlantic region. Rio served as the chief operating officer for SALI and was responsible for directing all aspects of property operations for 65 senior living communities. "Chris is an excellent addition to Benchmark’s senior management team," said Thomas H. Grape, Benchmark chairman, CEO and president. "He is an exceptional operations leader with a track record of results. His leadership made SALI a top performer for its residents and investors, and I know he will accomplish great things at Benchmark." Rio has more than 26 years of experience in multi-site property operations, development and acquisitions. In addition to his SALI management role, he was executive vice president with Divi Hotels Inc, a premier Caribbean resort owner, as well as a manager for Aircoa Companies, the largest independent hotel operator in the United States. He received his bachelor’s degree in business administration from the University of Denver. About Benchmark Assisted Living: Benchmark Assisted Living is the largest assisted living company in New England and one of the top 10 in the nation. Known for exceptional resident satisfaction, the privately-held company owns and operates 38 properties, equaling 3,800 assisted living, independent living and Alzheimer’s apartments. For more information about Benchmark, visit the Web site at www.benchmarkquality.com. Contact: Emily Lalone, O’Neill and Associates 617-646-1014 Benchmark Assisted Living Continues Expansion with Five-Facility Acquisition Wellesley Hills, MA (March 16, 2005) – Benchmark Assisted Living announced today that it will continue to grow throughout New England with the acquisition of five assisted living properties from Athena Health Care Systems. This is the second major purchase for Benchmark in four months. Last quarter, the Wellesley Hills-based company completed the acquisition of Village Retirement in one of the largest assisted living transactions in five years. Benchmark, already the largest senior housing provider in New England, adds 526 Alzheimer’s care and assisted living units to its portfolio with the purchase of the five Athena Connecticut communities. “We are honored to offer New England residents and their families a quality choice for assisted living. Athena’s communities are exceptional; they have an outstanding reputation for offering great care and hospitality. We are pleased that these communities are joining the Benchmark brand,” said Benchmark Founder, CEO and President Thomas H. Grape. Benchmark, which is one of the 10 largest assisted living providers in the nation, is known locally and nationally for its commitment to quality and for the satisfaction of its residents and employees. "Benchmark prides itself on offering personalized, custom care to all our residents,” Grape said. “Our exceptional associates take the time to understand what makes each resident happy and comfortable and then deliver that great service to them." Sovereign Bank provided the financing for the purchase of Laurel Gardens of Trumbull. Greenfield Partners, LLC formed a joint venture with Benchmark to provide the equity for the purchase of the remaining four residences. Debt financing was provided by M&T Bank. Contact: Brooke Tyson, O’Neill and Associates (617) 646-1023 Benchmark Assisted Living Promotes Three to Vice President Posts Wellesley Hills, MA (January 19, 2005) – Benchmark Assisted Living, the largest assisted living company in New England, has announced that three of its senior executives have been promoted to vice presidents. Alison Carnduff will serve as Vice President of Investments and Patrick Collins and Troy Florian will be Vice Presidents of Regional Operations. "These three individuals have consistently earned high praise and respect and have played key roles in Benchmark’s success. Their leadership is valued and appreciated by the entire Benchmark team, and I am pleased to honor them with these promotions,” said Thomas H. Grape, Benchmark chairman and CEO. “We look forward their continued success." Alison Carnduff originally joined Benchmark in 1997 when the company was founded. She has made a significant impact in the development and research activities of the company. Carnduff most recently was pivotal in the underwriting and closing of Benchmark’s acquisition of Village Retirement and the company’s recapitalization with KFH. She is a resident of Watertown, Mass. Patrick Collins joined Benchmark in 2003. Collins works closely with the executive directors and staff at many Benchmark residences and in this capacity has helped to appoint and groom many of Benchmark’s greatest employees. He resides in Sudbury, Mass. Troy Florian has been a member of the Benchmark team since 2002 and has had a profound impact on field operations for the company. Florian is responsible for building the community management teams and providing support for their daily operations. He was also instrumental in the recent transition of Village Retirement communities to the Benchmark brand. He currently lives in Boston, Mass. Contact: Emily Lalone, O’Neill and Associates (617) 646-1014 July 9, 2000, Sunday, NY Times, Connecticut Weekly Desk A Place of Their Own, With a Difference By NANCY DONIGER Josephine Bojnowski, 83, surveys her small but cheerful apartment at Lockwood Lodge, an assisted living center associated with Ashlar of Newtown, and smiles at the place she has called home for the past year. Ms. Bojnowski, a former teacher and reading supervisor for the Newington school system, lived alone in a single-family house after her husband died but she could no longer manage after breaking her leg. "There were too many stairs," she said. "I needed a place that served food and provided assistance." Ms. Bojnowski reflects a growing number of elderly Americans who need help with some of the activities of daily living but otherwise want to retain their independence. Assisted living is the fastest growing residential alternative for elderly people with incomes high enough to support the monthly fees, averaging $2,500 or more, since Medicare does not cover assisted-living expenses. Assisted living is defined as a living arrangement in which residents buy or rent their own apartment, where they live independently with medical and housekeeping assistance. They receive three meals a day in a common dining room and share many common areas with other residents. There also is a nurse on call 24 hours a day. The adoption of assisted living regulations by the Connecticut Legislature in November 1994 paved the way for growth, according to industry officials. Since the regulations were adopted, 70 assisted-living service centers have been licensed in the state. Colonel John Kulp, 86, who retired from the United States Army, chose Lockwood Lodge because of its attractive ambience, services and proximity to his daughter in Redding. "It's bigger than Thoreau's cabin at Walden Pond," he said about his one-bedroom apartment. "I would rather be climbing the Alps, or out running around, but I decided to move here when I began to have trouble with my vision. I need someone to look out for me as I get more absent-minded." With the explosion of new centers, many still under construction, have come vacancies, particularly at some of the older complexes and at those with studio apartments. No longer is a waiting list the rule at most centers. This is due in part to the newness of the industry in Connecticut and a lack of awareness about it by the consumer, industry officials said. But Chris Carter, the executive director of the Connecticut Assisted Living Association, disputes the notion that assisted-living centers in the state are overbuilt. CALA was founded in June 1995 and offers education, training and information to raise the level of awareness about assisted living, in addition to fostering ethical standards and serving as a legislative ally. "Connecticut has 175,000 residents over the age of 75," he said. "It's our belief that 50,000 of these individuals need assistance with daily living, of which 20,000 have an annual income of more than $25,000, making them eligible for assisted living. "Connecticut has 70 assisted living sites with a total of 4,000 units," he continued. "The market is not overbuilt. With education, all the units will find themselves in demand." The Greens at Canondale in Wilton opened two years ago and has full occupancy. Its monthly fees range from $3,750 to $5,850. A certain number of units are designated for people with lower incomes. "We have residents who have been here since we opened," said Sandra Sajec, executive director at the Greens. "This is their home. We haven't lost too many." By and large, residents must foot the bill for assisted living without Medicare reimbursement. But long-term care insurance is a growing commodity, offered by private insurers such as General Electric, John Hancock and Travelers. Some companies are even offering long-term care insurance for their employees' parents, according to Tim Hodges, vice president of marketing for Kensington Green of Southbury. Kensington Green is a 120-unit facility that will emphasize a healthy life style, focusing on diet, exercise and social relationships. It will have 24 separate apartments for people living with Alzheimer's disease. The facility is scheduled to open in March 2001. "We did a market feasibility study to find out the demand and determined it was there," Mr. Hodges said. The average age of assisted living residents is 84-85, and their average stay is two years, according to Mr. Carter. He said residents either die or require greater care at a nursing home. Ginny Carroll, the Lockwood Lodge marketing director, said there is an industry-wide problem of people waiting until they are physically incapacitated before looking into assisted living, which is geared to people who enjoy relatively good health. "I'm trying to get people to think about assisted living before a crisis occurs," said Tony Copeland, a spokesman for the AARP, "so they can take the time they need to find a facility, research it and make sure it meets their needs." Ms. Carroll also mentioned an unanticipated phenomenon. "We're finding the demand to be different than we expected," she said. "Through our studies, we expected more people to want studio apartments, due to the economics. We're finding people don't want to give up their space. They want to bring their memories. One-bedroom apartments are much more popular than studios." Mark Ryan, secretary of the state for the Office of Policy and Management, said the state has been studying assisted living with interest, in an effort to deal with an aging population whose ranks are expected to surge over the next 30 years with the graying of the baby boomers. According to Mr. Ryan, Connecticut has one of the highest percentages of elderly residents in the nation. The statistics are dramatic, with 34 million Americans 65 or older, up from 20 million in 1970, and the numbers are expected to swell to 70 million by 2030, according to AARP statistics. The number of elderly residents in Connecticut is proportionately higher. Nationwide, the percentage of people 65 or over is 12 percent, compared with 14.3 percent in Connecticut, according to 1990 state and federal census reports. By 2030, 20 percent of the national population will be over 65 and Mr. Ryan said Connecticut's population is expected to be elderly about 10 years sooner. "We're making major investments in assisted living," Mr. Ryan said. "We believe there is a good chunk of people in nursing homes who are poor but could manage well with assisted living, while improving their independence, respect and dignity." The Office of Policy and Management and other state agencies are planning a pilot program with 300 assisted-living beds in five or six urban and lower-middle-class suburban communities for people living on Medicaid. A bill is pending in the state legislature that would allow assisted living to be layered into existing congregate care housing for the elderly, based on the belief it will provide a less costly and more desirable alternative to nursing homes for low-income elderly residents, according to Mr. Ryan. If the bill passes, some or all of the costs could be covered by Medicare. Martha Meng, a lawyer with Murtha, Cullina LLP of Hartford and New Haven, was part of a working group convened in 1991 by the Department of Health to write regulations for assisted living. The group completed the task in November 1994. "The assisted-living services agency is the licensed entity and must provide services within a managed residential agency that is registered with the state but is not itself licensed," she said. "The managed residential agency is the platform, or physical plant for the services that must be provided to qualify as assisted living." Services include three meals a day, housekeeping, laundry, transportation, access to health care, 24-hour security and staff availability, an emergency call system, medication management, social and recreational activities; and assistance, as needed, with eating, bathing, dressing, and mobility. Assisted living is as popular with baby boom children as it is with their older parents. Diane Mauriello of Newtown and her husband have school-age children living at home and they also have primary responsibility for their aging parents. Ms. Mauriello's father-in-law had a stroke last year and had to move to a nursing home in Southbury. Her mother-in-law, Cara Mauriello, 82, is frail, but not incapacitated. Although she does not need a nursing home, she can no longer live alone. "She was depressed and was not eating," Ms. Mauriello said of her mother-in-law. "She didn't like living alone and needed companionship." Since moving to Lockwood Lodge, she has blossomed, Ms. Mauriello said. "She looks good, is well cared for 24 hours a day and never lonely. My husband and I were able to go on a cruise and leave her. We wouldn't have been able to do that before." Darlene O'Connor, director of integrated care for the Connecticut Department of Social Services, offered the following advice for anyone considering assisted living for themselves or a loved one: "Make sure you know what you are purchasing now and down the road, when you need more support. What conditions can the facility handle? What happens when your assets are gone?" Connecticut Assisted Living Association 70 Halls Road, PO Box 483, Old Lyme, CT 06371 Ph: 860 434 5760 Fx: 860 434 8976 Email: info@ctassistedliving.com |
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