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Top 10 Senior Housing News Stories of 2023

This was a tough year for the sector, judging by the most-read stories on Senior Housing News.

Financial troubles dominated, with Enlivant’s default notice and related negotiations being the most-read story in the last 12 months. The bankruptcy filing of a large CCRC, the troubles at Anthology Senior Living’s parent company, and the closure of marketing firm Attane also appear on the list.

But it’s not all doom and gloom. Other top stories involved operators’ growing and the expanding active adult market. And a story that started out very grimly – the felony charges against Silverado – ended happily, with a recent dismissal.

A special thanks to all of the members of SHN+ community for your continued support throughout 2023, which enables us to continue to deliver premium-quality news and analysis.

As always, we hope you find this list informative and helpful as you take stock of 2023 and what lies ahead in 2024. We wish all of our readers happy holidays. Thanks for reading.

1: After Default Notice, Enlivant JV Negotiating Financial Reconstruction Amid Going Concern Doubts

Publish date: April 2, 2023

Key quote: “Our sole focus is transitioning the 11 facilities we wholly own to a new operator and are currently working on that.” – Sabra CEO Rick Matros

Further reading:

Sabra Officially to Exit Enlivant JV, Reports $164 Million Impairment Charge

Enlivant to Lay Off 284 Workers at Chicago Support Center

Why Recent Events at Pathway, Sonida, Enlivant Foreshadow More Pain to Come for Senior Living

Sabra CEO: 11-Property Former Enlivant Portfolio Has ‘Significant Upside’ After Operator Transition

2: Silverado CEO, Company Face Felony Charges Over Covid Outbreak in Case with Possible Industry Implications

Publish date: March 15, 2023

Key quote: “We deny all charges filed against us — they are baseless and egregiously contradict the facts. We look forward to presenting our case during the legal process.” – Jeff Frum, Silverado senior vice president, sales and marketing

Further reading:

Judge Dismisses Felony Charges Against Silverado CEO Shook, Others

Shortage of Supplies Rapidly Worsens In Senior Living as Covid-19 Spreads

Memory Care Sector Starts to Stabilize, Rebuild After Harrowing Pandemic Challenges

3: Largest Life Plan Community in Illinois Files for Ch. 11 Bankruptcy

Publish date: June 9, 2023

Key quote: “By taking these steps toward a healthier financial structure, FVS will gain the financial flexibility to make material improvements that will further enrich our campus, amenities, and services.” – Friendship Village of Schaumburg CEO Mike Flynn

Further reading:

Delaware LLC Bids $83.1M for Largest Life Plan Community in Illinois

Largest Illinois CCRC to Be Taken Out of Bankruptcy with $114.8M Encore Deal

4: Lawsuits, HQ Eviction Indicate Financial Trouble at Anthology Senior Living Parent Company CA Ventures

Publish date: Aug. 14, 2023

Key quote: “We’re in the process of closing a couple of alternative transactions, in place of the previously planned transaction, and expect to have these notes and matters paid off shortly.” – CA Ventures CIO John Diedrich

Further reading:

CA Ventures Charts Ambitious Growth for New Anthology Senior Living Operating Platform

Anthology Senior Living Sets New Direction With Its Largest Community to Date

Harrison Street, Anthology Senior Living Forge 3-Property Joint Venture

5: More U.S. Expansion On Tap for Latitude Margaritaville After Brand Goes International

Publish date: May 8, 2023

Key quote: “While a lot of home builders are cautiously optimistic on the market … we are as bullish as we’ve ever been. We couldn’t be happier with the space right now, and we’re in growth mode.” – William Bullock, president of Latitude Margaritaville and Minto Communities USA

Further reading:

Jimmy Buffett Meets The Villages in $1 Billion Florida Development

New Latitude Margaritaville On Tap for Mexico as Brand Expands Across the Border

In the Pipeline: Latitude Margaritaville Starts Unit Sales for Mexico Development; Oak Trace Completes Second Phase of $112M Renovation

6: 5 Senior Living Operators to Watch in 2023

Publish date: April 9, 2023

Key quote: “If that leads us to only having 10 communities and we operate extremely well and we have the brand strength and trust of those local consumers in the markets, that’s great. If that leads us to have 50 – wonderful.” – Danny Stricker, Chapters founder and president

Further reading:

Active Adult Milestone: NIC Defines Sector, Offers Data on Consumers and Margins

How New Welltower Partners Treplus, Sparrow Are Forging Active Adult Success

After Year in Flux, Distinctive Living Gears Up for Growth in 2023

7: ISL, Discovery Senior Living Joining as ‘Sister Companies’ After New Recap From Lee Equity, Coastwood

Publish date: Feb. 28, 2023

Key quote: “This recapitalization will allow us to continue to carry the ISL culture and ensure the very best service for our residents, associates and ownership groups.” –Collette Gray, ISL president and CEO

Further reading:

Discovery Recaps with Coastwood, Lee Equity; Decker Named Board Chair

With ISL Deal, Discovery Begins to Mirror Growth Strategy that Reshaped Hotel Industry

Discovery CEO: ‘Explosive Growth’ Just the Beginning of Our Evolution

8: ‘Market is About to Explode’: Inside Greystar’s Plans for Active Adult Expansion

Publish date: Aug. 31, 2023

Key quote: “We are starting to see that that market is about to explode.” – Michael Levine, senior managing director of real estate, active adult

Further reading:

Greystar Tapped as Manager for Active Adult Primary Care Brand Viva Bene

Senior Living Developer Avenue Launches Active Adult Company Focused on Preventive Care Access

New Greystar Push Into Modular Construction Holds Promise for Middle-Market Senior Living

‘Welcome to the Game’: Carlyle Group, Other Pioneers Ready for Active Adult Boom

9: Welltower Sells Stake in Sunrise, Unwinds Revera JV in Preparation for Self-Managed Platform

Publish date: July 31, 2023

Key quote: The dissolution of the joint venture with Revera “largely concludes Welltower’s seven-year contract modernization journey.” – Welltower Business Update

Further reading:

Welltower Readies Self-Managed Operating Platform, With Goal of Exceeding Pre-Pandemic Margins

Welltower Deploys $600M in Q1 Transactions to Date, Forges UK Joint Venture

Welltower Reloads ‘Growth Bazooka,’ Prepares for Wider Rollout of Management Platform With Cogir

Cogir Starts New Chapter With Expansion, Evolution Underway in U.S., Canada

10:  Senior Living Marketing Firm Attane to Close

Publish date: July 25, 2023

Key quote: “The adoption of that approach and the understanding of how it can benefit the sales/marketing process has been slower than expected.” – Steve Wujek, Attane vice president of communications

Further reading:

‘No Margin’ Problem Worsens Senior Living Owner, Operator Friction

Transactions and Financings: CIP Capital Invests in GlynnDevins

The post Top 10 Senior Housing News Stories of 2023 appeared first on Senior Housing News.

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