Senior Housing and Assisted Living

Sunrise Senior Living, Inc. (NYSE: SRZ) announced it has completed the previously announced restructure transactions with three of the lenders to its German subsidiaries, Capmark Finance Inc., Natixis, London Branch, and Fortis Bank, UK Branch. Under the restructure transactions, which were first announced in October 2009, such lenders agreed to settle and compromise claims that they may have had against Sunrise with respect to its German subsidiaries.

Sunrise also announced that it has entered into a partial settlement and waiver declaration with Aareal Bank AG, pursuant to which Sunrise will be released from its operating deficit and payment guarantee obligations with respect to loans previously made by Aareal to certain of Sunrise’s German subsidiaries in exchange for, among other things, a cash payment of EUR 2.1 million (approximately $2.8 million).

Sunrise states that it is working to settle and compromise claims that one remaining lender to its German communities may have against Sunrise.

"I am very grateful for the persistent work of my colleagues, our advisors and our banks to accomplish this restructuring," said Mark Ordan, Sunrise’s chief executive officer.

Click here or the full 8-K

May is Older Americans Month and many organizations are rolling out the red carpet for seniors across the country.  A meeting with the National Council of Senior Citizens resulted in President John F. Kennedy designating May 1963 as Senior Citizens Month, encouraging the nation to pay tribute in some way to older people across the country. In 1980, President Jimmy Carter’s proclamation changed the name to Older Americans Month, a time to celebrate those 65 and older through ceremonies, events and public recognition. As part of Older Americans Month, the US Census Bureau has released statistics that highlights the growing elderly population in the US. Some of the statistics include:

38.9 million
The number of people 65 and older in the United States on July 1, 2008. This age group accounted for 13 percent of the total population. Between 2007 and 2008, this age group increased by 927,305 people.

88.5 million
Projected population of people 65 and older in 2050. People in this age group would comprise 20 percent of the total population at that time.

520 million
Projected 2009 midyear world population 65 and older. Projections indicate the number will increase to 1.53 billion by 2050. The percentage of the world’s population 65 and older would increase from less than 8 percent to 17 percent over the period. By 2050, Europe’s rate would be 29 percent.

4
Number of countries with 20 percent or more of their population 65 and older in 2009: Germany, Italy, Japan and Monaco.

More than 100
Number of countries that could have 20 percent or more of their population 65 and older in 2050.

112 million
The number of people 65 and older in China in 2009, which led the world. China’s older population is expected to reach 349 million in 2050.

9.7%
Poverty rate for people 65 and older in 2008, statistically unchanged from 2007. There were 3.7 million seniors in poverty in 2008, statistically unchanged from the previous year. The corresponding rate for the population as a whole was 13.2 percent.

$239,400
Median net worth for families in 2007 whose head was between 65 and 74. The corresponding median for all families was $120,300.

Homeownership

80%
Percentage of householders 65 and older in 2008 who owned their homes.

“Too often we find ourselves trying to learn about our long term care options in the midst of a crisis when we have to make decisions very quickly,” said Shawn Bloom, President and CEO of the National PACE Association.  “Many loved ones have the goal of remaining at home, which is much more likely if families take the time to educate themselves and plan in advance.” The celebration of Older Americans Month can provide the opportunity to have the difficult discussion with elderly family members and friends about their plans for their future. 

For the full set of statistics, click here.

The TRIL (Technology Research for Independent Living) Centre, Ireland announced this week a new industry partner, GE Healthcare (NYSE:GE). TRIL is a research initiative, founded in January 2007 by Intel Corporation and the IDA Ireland (Industrial Development Agency), to explore the physical, cognitive and social consequences of ageing and design technologies to help address them. The addition of GE Healthcare as an industry partner will help TRIL to extend and expand its research programme. GE joins the TRIL Centre as its second industry partner for 2010, alongside co-founder Intel and academic partners University College Dublin, Trinity College Dublin and NUI Galway. GE Healthcare is investing $3 million in the TRIL Centre.

“We are excited about welcoming a new industry partner with the technology expertise and stellar reputation of GE Healthcare,” says Dr. Brian Caulfield, Academic Director of the TRIL Centre. “Their focus on innovative thinking and commitment to improving healthcare while reducing costs will make them a valuable contributor to our research efforts.”

A key goal of TRIL’s research, which brings together world-class industry and academic experts from multiple disciplines, is to enable older people to live independently in the homes of their choice for as long as possible, with the help of technology—and in the process, to help ease the strain on global healthcare systems as the world’s population ages. This objective aligns with GE Healthcare’s goal of continuously developing innovations focused on reducing costs, increasing access and improving quality and efficiency.

Commenting on the announcement, Agnes Berzsenyi, General Manager of GE Healthcare’s Home Health business says “We are delighted to be part of the TRIL Centre and to be involved in the groundbreaking research being done there. The world is getting older and this is presenting enormous healthcare challenges in the care of elderly citizens and the prevention and management of chronic disease. We are looking forward to working with TRIL to drive innovation in this emerging area and ultimately transforming the lives of elderly citizens.”

Over the last three years, more than 600 older adults have been assessed in the TRIL Clinic and a large number have participated in the TRIL technology home deployment programme. The commitment of GE Healthcare will enable TRIL to expand the pool of participants and build on the accomplishments of the first three years. The addition of GE Healthcare as an industry partner supports TRIL’s strategic vision of securing additional industry partners, from SMEs to multinational companies such as GE and Intel, to advance its important research effort.

Searching to see who’s moving where in the senior housing industry?  You can follow the action here on Movers and Shakers.  Have staffing announcements that you’re proud of?  Send them our way at movers-shakers@seniorhousingnews.com

JCHE Board Selects Schectman as New President and CEO

Jewish Community Housing for the Elderly (JCHE) announced that Amy Schectman, an accomplished and highly regarded leader in affordable and subsidized housing and development in Massachusetts, has been named President and Chief Executive Officer, effective August 16, 2010.  Amy currently serves as the Associate Director for Public Housing & Rental Assistance for the Massachusetts Department of Housing and Community Development (DHCD) where among her many accomplishments she has led the State’s effort to leverage and attract new funding to preserve and restore public housing units for thousands of low-income families.  She also created a sustainability program to install renewable and high efficiency energy systems and launched the first phase of a major water conservation effort expected to save the state $2 million per year by 2012.  Before that, Amy served as Vice President of Real Estate Development at Hebrew SeniorLife where she managed the permitting and design processes that paved the way for the development of NewBridge, a one million square foot multi-generational mixed-use senior campus.  Previously, she was the Economic Development Officer in the Town of Brookline and her earlier experience included serving as the Director of Program and Administration at The Boston Housing Authority.

“After conducting an extensive national search, Amy stood out because of her unparalleled success working to increase affordable housing opportunities for low-income residents over the course of her remarkable career,” says Merle Grandberg, Chairperson of JCHE’s Board of Directors.  “We are very excited to have someone as highly qualified as Amy lead our organization.  As JCHE continues to grow and expand, it’s critical that we have the expertise necessary to maximize and provide quality housing, innovative programs and supportive services for low income residents.  With nearly 1,000 seniors on our waiting list, Amy’s leadership, background and success in the housing industry will ensure that we meet our goals and continue on our current growth trajectory.”

“I was drawn to this unique opportunity at JCHE to lead one of the nation’s most successful communities in providing quality housing opportunities for low income seniors in a rich environment where residents are actively engaged in programming as well as to ensure the preservation of the properties in Brighton, Newton and soon Framingham.   The JCHE name is well known and synonymous with quality senior housing. In keeping with Tikkun Olam (repairing the world) – I look forward to spreading the word to the broader community,” added Schectman.

Schectman will succeed Ellen Feingold, nationally recognized as an expert in the area of affordable senior housing who is retiring after 28 years of distinguished service as President.  Under Feingold’s leadership, JCHE has grown substantially since its establishment in 1965 as the Jewish community’s response to an affordable housing crisis for seniors.  A farewell party for Ms. Feingold is planned for June. She will assist with the transition in anticipation of Schectman’s arrival in mid-August.  The Ellen Feingold Fund for Resident Services has been established in her honor to preserve and enhance the supportive services that have become JCHE’s hallmark under Ms. Feingold’s leadership.

Senior Living Investment Brokerage Forms Milestone Realty Capital, Inc. with Brown as CEO

Senior Living Investment Brokerage announced that it has formed Milestone Realty Capital with Jeff Brown serving as CEO.  Brown is working with clients of SLIB and others in finding financing solutions for commercial real estate and senior housing projects.

HCP Names J. Alberto Gonzalez-Pita as Executive Vice President – General Counsel

HCP (NYSE:HCP) announced that it has hired J. Alberto Gonzalez-Pita as Executive Vice President – General Counsel effective May 17, 2010.

Mr. Gonzalez-Pita previously served as the Senior Vice President, General Counsel & Corporate Secretary of Las Vegas Sands Corp., Executive Vice President & General Counsel of Tyson Foods, Inc. and Vice President & General Counsel of BellSouth International. Before that, he was an executive partner at White & Case LLP, one of the world’s largest law firms. Mr. Gonzalez-Pita is presently the Vice-Chair of the Board of Directors of the Association of Corporate Counsel, an organization of in-house lawyers with more than 25,000 members in 70 countries.

"We are very pleased that Al is joining our senior management team," said Jay Flaherty, HCP’s Chairman and Chief Executive Officer. "He brings outstanding legal and leadership skills to the Company. Al has over 30 years of experience that will prove to be invaluable as we take HCP to the next level."

Edward J. Henning, the current general counsel, will remain with the Company as an Executive Vice President.

Hawaii Kai Retirement Community Introduces Denise Bilodeau as Assisted Living Administrator

Honolulu resident Denise Bilodeau has been hired as assisted living administrator for Hawaii Kai Retirement Community, located on 23 acres in Hahaione valley with views of Maunalua Bay in Honolulu.  In her role as assisted living administrator, Bilodeau oversees the day-to-day operations of the 81-unit assisted living services within Hawaii Kai Retirement Community.  Prior to joining Hawaii Kai Retirement Community earlier this year, Bilodeau was an independent long-term care/nursing home consultant for various clients, including Kaiser Permanente Hawaii. Previously, Bilodeau worked as a nursing home administrator for Avalon Care Center in Honolulu and Hiolani Care Center at Kahala Nui, and as a social worker at Hale Nani Nursing and Rehabilitation Center. She has more than 10 years of experience in all levels of senior care, including assisted living.  Bilodeau earned her bachelor’s degree in social welfare and a master’s in social work, with a gerontology focus, from the University of California, Berkeley.