Senior Housing and Assisted Living

Illinois Housing Development Authority (IHDA) Executive Director Gloria L. Materre, Mayor Richard M. Daley, Alderman Ray Suarez, Department of Family and Support Services Commissioner Mary Ellen Caron, Department of Community Development First Deputy Commissioner Ellen Sahli and members of the Senior Lifestyle Corporation recently celebrated the grand opening of a new development featuring 85 new affordable homes for seniors in Chicago’s Kelvyn Park neighborhood on the city’s Northwest Side.  IHDA provided a $1.25 million low-interest loan from the Illinois Affordable Housing Trust Fund to build Senior Suites of Kelvyn Park, 2715 N. Cicero Ave., Chicago. IHDA, the state agency dedicated to creating affordable housing for Illinois residents, was a key partner in the construction of the 60 one-bedroom and 25 studio apartments.  Senior Suites of Kelvyn Park will bring 25 studios and 60 one-bedroom apartments, complete with bathroom and kitchen facilities, at initial monthly rents from $650 to $795. The apartments in the six-story building will be available to seniors, 62 or older, whose incomes meet federal guidelines.

Through a partnership with the City of Chicago, the six-story, 75,000 square foot development also houses a senior center to connect seniors with services supporting their independent lifestyle. The center features a fitness center, computer lab, cafeteria and other amenities. Seniors who live in the surrounding neighborhood also will benefit from the center.  Since the mid-1990s, IHDA has invested more than $41.7 million in low-interest loans and tax credit equity to join Senior Lifestyle Corp. in adding affordable housing throughout the Chicago area.

“Seniors across the state are living on a fixed income, and may need to make choices about expenses that could impact their ability to afford safe and decent homes. It’s our role as the state’s housing finance agency to work with public and private partners to create more affordable options, such as Senior Suites of Kelvyn Park,” said Materre, IHDA Executive Director.

“Our Senior Suites developments provide Chicago’s seniors an opportunity to stay within their home neighborhoods in affordable, high-quality residences,” said William B. Kaplan, chairman of Senior Lifestyle. “With the support of city and state leaders, we are able to continue to address the strong housing demand of its senior citizens.”

Don’t let the unemployment numbers mislead you…people are getting hired.  Curious as to who’s going where?  Take a look at this week’s movers and shakers.  Are you looking for new opportunities or seeking to add talent to your team?  Check out our senior housing jobs section on Senior Housing News for all the latest postings.  For those who are decision makers in the hiring process, we are offering free job postings for the senior living, senior care and senior housing industries.  Here’s a quick pick of the latest job postings:

Operator – Heritage Village Assisted Living – Mesa, Arizona

Customer Relations Manager – The British Home – Brookfield, Illinois

Sales Counselor – The Clare at Water Tower – Chicago, Illinois

Senior Living Counselor II – St. Joseph Village of Chicago – Chicago, Illinois

Executive Director – Capital Senior Living – Boca Raton, Florida

Post your job here

This week’s announcements:

Maravilla Senior Living Community Welcomes New Director of Assisted Living

Maravilla recently appointed Elizabeth Schierer as the new director of assisted living. Schierer will oversee care of the residents living in the 97 Assisted Living suites at Maravilla.

Schierer has more than 30 years of experience in patient care, both in the hospital and long term care facility setting. Most recently, she joins Maravilla from Glenview Terrace Nursing Center out of Illinois, where as the director of nursing she facilitated quality care for long-term residents and sub-acute patients. Prior to this, Schierer served as the clinical nurse liaison, overseeing patient admissions and patient hospital transfers and was also the unit director for a transitional care rehabilitation unit. Early in her career, Schierer spent several years as a head nurse at Northwestern Memorial Hospital, in the Otolaryngology/Oncology/Plastic Surgery unit.

“Liz’s multi-disciplinary approach to providing exceptional, high quality care and resident service is a wonderful complement to the service-enriched lifestyle and specially trained staff found at Maravilla,” said Brian McCague, executive director.

Hawaii Kai Retirement Community Promotes Stephanie C. Kanoa To Co-Manager

Aina Haina resident Stephanie C. Kanoa has been promoted to co-manager of Hawaii Kai Retirement Community, adding to her current title of marketing manager.  In her added role as co-manager, Kanoa will supervise front desk receptionists and security personnel. She is also responsible for resident relations by overseeing resident satisfaction, evaluating resident needs and responding to emergencies at the facility.  Prior to joining Hawaii Kai Retirement Community as marketing manager in 2002, Kanoa was an associate buyer at Liberty House Hawaii. She has more than 12 years experience in the retail industry.  Kanoa earned her Bachelor of Arts degree in elementary education from Chaminade University.

"Stephanie takes her work to heart and values each one of our residents as if he or she is a member of her family," said Lyle Takeuchi, Hawaii regional director of Holiday Retirement. "We are lucky to have someone as passionate as Stephanie and are pleased to expand her responsibilities as a member of the management team."

Mirador Senior Living Community Announces Appointments for Abbacchi and Glenn

Mirador senior living community has named Lindy Abbacchi, personalization coordinator, and Gigi Glenn, senior living counselor.  The announcement was made by Kristen McCaig, vice president of corporate sales and marketing for Mirador parent company Senior Quality Lifestyles Corporation (SQLC).

Pictures Courtesy of Mirador

“Lindy and Gigi both have notable backgrounds in sales and marketing,” McCaig said. “Their knowledge of customer service and expertise in their respective areas of competence make them great additions to the Mirador team.”

In her capacity, Abbacchi will be responsible for the coordination and planning of all resident move-ins and assisting with the design of individual apartment homes.  Before joining Mirador, Abbachi was owner of Bella Décor Designing, an interior design company specializing in the staging and interior redesign of commercial and residential properties.

A native of South Texas, Glenn brings a wealth of experience in sales and customer service.  She relocated to Corpus Christi in 2007, after spending most of her adult life in the Texas Hill Country.  Most recently, she held an executive position managing sales and operations.

850 Lake Shore Drive announces Advisory Board

Matthew Phillips, president and CEO of Integrated Development Group LLC, the owner of the 850 Lake Shore Drive (www.850LSD.com) retirement community under development in Chicago, has formed an advisory board of some of the city’s leading business and civic leaders.

Members of the 850 Lake Shore Advisory Board will include:

• Edward J. Baran, past chairman and CEO of BCS Financial and a first vice president of the Gold Coast Neighborhood Association;
• Laurence Booth, design principal of the noted architectural firm Booth Hansen, and architect for the renovation and restoration of 850 Lake Shore Drive, as well as a trustee for Chicago History Museum and The School of the Art Institute of Chicago;
• Ray Drymalski, consultant, former partner and counsel K & L Gates; former chairman, board of directors, Northwestern Memorial HealthCare and Northwestern Memorial Hospital; and life trustee of Lincoln Park Zoological Society;
• Helyn D. Goldenberg, chairman, Sotheby’s Midwest; first woman president of Chicago’s Museum of Contemporary Art as well as of any major museum in the United States; and chairman of the Cultural Committee of the Chicago Central Area Committee;
• Jack Guthman, Shefsky & Froelich Ltd.; named among 10 top real estate attorneys by Leading Lawyers Network and an inductee of the Chicago Association of Realtors Hall of Fame: adjunct professor, J. L. Kellogg Graduate School of Management, Northwestern University; and trustee of Museum of Contemporary Art in Chicago ;
• Marvin Herb, chairman, Herbco LLC and former owner, chairman and CEO of
  the Coca-Cola Bottling Company of Chicago; Jim Karas, best-selling author, TV personality, celebrity personal trainer and lifestyle expert with programs in Chicago and New York, and trustee, Howard Brown Health Center;
• Stanley Paul, president, Stanley Paul Orchestra and Productions, and president,
  Apparel Industry Foundation Inc;
• Emilio S. Salvi, senior vice president and managing director, The Northern Trust Co.; vice president of philanthropy for Friends of Prentice Women’s Hospital; vice-chairman of Medical Research Institute Council at Children’s Memorial Hospital; and treasurer of The Parkways Foundation;
• Neal Seltzer, principal, William Blair & Company; and a director of SGA Youth and Family Services and the Host Foundation;
• Sophia Siskel, president and CEO, Chicago Botanic Garden; member of the Board of Directors of The Arts Club of Chicago and membership chair of the Young President’s Organization;

“Since our initial meeting and subsequent sessions in smaller groups, I am very confident that the members of our Advisory Board will add value to our planning process,” said Phillips. “Their vast experience and diversity of expertise provide a wonderful sounding board for me. Our intention is to design a retirement community that is attractive to younger seniors accustomed to a level of service and style of living not typically found in retirement communities.”

Senior Living Jobs

Cain Brothers, a health care investment banking firm, recently announced the closing a of $98 million plan of finance to fund a large expansion project for Westminster Manor a continuing care retirement center (CCRC) located in Austin, Texas.  The complex financing combined short-term tax-exempt bank qualified bonds, a related interest rate swap, a taxable bank construction loan, and long-term tax-exempt fixed rate bonds to fund the CCRC’s campus expansion.

Westminster Manor is an existing, not-for-profit CCRC that was established more than 40 years ago and currently has 256 residential apartments and 90 nursing beds. Life Care Services has managed the CCRC for the past 28 years. The project will add 75 new residential apartments and a 107-bed health care center that will include assisted living, memory care, and skilled nursing beds. Cain Brothers secured a credit rating of BB+ from FitchRatings that documented the rationale for the rating and described its credit analysis for interested investors.

Bill Pomeranz, Managing Director of Cain Brothers said, “The CCRC’s financing structure was more complicated to structure and implement than an ordinary fixed rate bond issue, because rights of the short-term lenders had to be coordinated with those of the long-term bondholders. However, the results will provide long-term interest rate savings to Westminster Manor and its residents. Securing a cost of capital for the project of 6.89% and a permanent capital structure that is comparable to investment grade medians, because it is favorably priced and appropriately leveraged, is a result we are proud to have delivered to our client.”

The use of short-term bank qualified bonds and the construction loan minimized the interest rate and the current negative arbitrage that plagues most fixed rate bond deals in today’s market environment. The average cost of the combined funding is 6.89%, which compares quite favorably to an all fixed rate bond structure. The CCRC’s short-term bank funding, which will be repaid from $35 million anticipated new entrance fees, consists of $23.4 million tax-exempt bank qualified bonds with a cost of capital of 4.135% and a $10.6 million construction loan with a current cost of capital of 4.75%.  As part of the Series 2010 Bonds, Cain Brothers incorporated a $5 million six-year bond with a three-year early call option. This will allow Westminster to use excess cash reserves to reduce its debt obligation but not place undue pressure on the CCRC to utilize cash if the project opening is delayed. Cain Brothers also served as swap advisor to Westminster Manor in the negotiation and pricing of a $23.4 million interest rate swap to manage the interest rate risk on the 2009 Bonds.