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Video: 10 Insights From The Greystone Event 2015

One of the best aspects of The Greystone Event is the impressive and diverse group of speakers who volunteer their time to discuss the senior living industry. This year’s group of speakers included CEOs of multi-site organizations, bankers who work in the capital markets, architects, actuaries, attorneys — and even Larry Minnix, president and CEO of LeadingAge.

We’ve done our best to compress hours of presentations and panel discussions into a brief highlight video. This video (embedded below) shares 10 Insights:

  1. Define Success: Mark Andrews of Greystone introduces a discussion on leadership strategies by describing the importance of defining success.
  2. Learn From the Best: Michael Gallagher is the president and CEO of AvMed, parent company to SantaFe Senior Living. He went to executives at Disney to learn about how they pursue service excellence.
  3. Grow to Secure Market Share: Gary Marsh, who leads Masonic Homes of Kentucky, sees growth as an organizational value. He believes that growth is needed to secure his organization’s position as a leader in the Louisville market.
  4. Let Market and Financials Drive Planning: Sloan Bentley discusses how she brought a new approach to master planning when she joined Lifespace Communities.
  5. Exceed Expectations: John Spooner of Greystone describes the next generation of CCRC residents and the standards against which they will evaluate senior living communities.
  6. Get Into the Concierge Business: LeadingAge’s Larry Minnix says that senior living organizations must become a friendly, helpful, responsive source of information and assistance in order to find future success.
  7. Merging Makes Financial Sense: ABHOW’s Dave Ferguson talks about the motivation behind the merger between his organization and be.group.
  8. Create a Sense of Discovery: Rocky Berg of Three: Living Architecture says that a community’s design can help choreograph predetermined moments of spontaneous experience.
  9. Surround Yourself With Experts: Dave Fields of RBC Capital Markets recommends involving professionals who can provide valuable advice as you pursue growth opportunities.
  10. Prepare for Overwhelming Demographics: Brad Paulis of CCRC Actuaries puts numbers behind conventional wisdom, sharing statistics that demonstrate just how strong the demand for high-quality senior living will be in the coming years.

See these speakers in action by using the video player below.

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Edgewood Summit Celebrates 20 Years of Service

In the early 1990s, residents in Charleston had to look outside of West Virginia when searching for an independent or assisted living community — those services simply didn’t exist in the Mountaineer State.

The Arthur B. Hodges Center, a local nursing home, wanted to change that. The Center’s leadership engaged Greystone to begin planning an independent and assisted living community for Charleston. And on April 15, 1995, the first residents arrived at Edgewood Summit, a mountaintop community that included 90 independent living units and 40 assisted living units.

Twenty years and two expansions later, Edgewood Summit is now a full-service CCRC, enjoying a strong brand in the market and a thriving population of vibrant West Virginia seniors. The Charleston Gazette-Mail featured Edgewood Summit earlier this month to recognize its 20th anniversary. The article includes quotes from original and current residents, as well as Executive Director Diane Gouhin, who has been at the community since it first opened.

Read the full story.

Greystone served as development consultant during Edgewood Summit’s construction, as well as its two expansion projects. Greystone has also served as management consultant at Edgewood Summit since it first opened.

“Edgewood Summit has a strong history,” said Greystone Vice President Dave Keaton, who works with the community. “It owns a long-lasting reputation as the retirement community of choice, not only in Charleston, but throughout West Virginia and Southern Ohio. The community is well positioned for future success now that it offers the complete continuum.”

Congratulations to Edgewood Summit on 20 wonderful years.

Learn more about Edgewood Summit.

See the Gazette-Mail’s images in the gallery below. (Courtesy of the Gazette-Mail.)

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Bond Financing Sparks Growth at Gulf Coast Village

Gulf Coast Village has faithfully served Floridians with high-quality continuing care services since 1989. Today, Gulf Coast Village is expanding so that it may update its community and create space to serve more seniors.

Sponsored by Volunteers of America, Gulf Coast Village is located on a 36-acre campus in Cape Coral, Fla. It currently includes 157 independent living apartments, 46 assisted living units, 24 memory support suites and 85 skilled nursing beds.

Proceeds from a $79,385,000 bond financing closed this month will fund a significant expansion and renovation project.

Phase I of the expansion will add 80 assisted living units and 48 memory support suites as part of a new assisted living center to be located on the undeveloped portion of GCV’s campus. Phase I is already underway, with completion scheduled for February 2017.

Phase II will begin shortly after the completion of Phase I, adding 24 catered living units and 20 skilled nursing beds, while also removing the original 46 assisted living units and 24 memory support suites.

The result will be a beautifully expanded and updated campus that includes a total of:

  • 157 independent living apartments
  • 24 catered living units
  • 80 assisted living units
  • 48 memory support suites
  • 105 redeveloped skilled nursing beds

The entire project should reach its conclusion by July 2017.

Greystone is serving as development consultant on this project, in addition to its long history and ongoing role as management consultant at Gulf Coast Village. HJ Sims served as underwriter for the bond financing, AG Architecture is architect on this project, and LECESSE is the construction manager.

Learn more about Gulf Coast Village.

See renderings of the expansion in the gallery below.

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Big, Small, Strong, Brave: The Strategy Behind RiverWoods’ Mission

Non-profit senior living communities exist for one reason: mission. These missions are often summarized in a statement, edited down to a sentence or two and printed on community collateral or posted onto community websites.

But how do senior living missions come to life?

Justine Vogel is president and CEO of RiverWoods, a continuing care retirement community with three campuses in Exeter, N.H. During a recent period of strategic planning, and shortly after visiting with an industry friend, she found herself writing four mission-related questions in her journal:

  • Are we big enough?
  • Are we small enough?
  • Are we strong enough?
  • Are we brave enough?

She shared these four questions during a meeting of non-profit CEOs and board members the day before The Greystone Event 2015 officially started. Greystone CEO John Spooner posed them to a larger audience the next day during a break between general sessions.

Watch in the video player below. (And scroll down to continue reading.)

What does the big-small-strong-brave approach mean?

Vogel was quick to clarify that these questions are not a mission unto themselves, but rather a filter through which the organization looks forward.

Here’s how she described them:

Are we big enough? “This is basically about accepting that we need scale. That might be through organic growth, through affiliation, or through other ways of working with other non-profit providers. It’s about realizing that when you’re large enough you can seek change rather than having change foisted upon you.”

Are we small enough? “We’re a community, right? And in community, people want to feel like it’s personal to them. There are ways to be big and feel big, and there are ways to be big and feel small. We want to feel small enough that each resident feels personal about this community as their home.”

Are we strong enough? “Every decision we make should be ours to make. If we have an organization affiliate with us, or if at some point we join someone larger, it’s our decision to make — not because we’re in trouble. The other part is being strong enough financially and operationally that we have the funds to invest in what’s coming, in technology and other innovations. It’s about being in charge of our own destiny.”

Are we brave enough? “We’re 98.5 percent occupied. Our waitlist has doubled. But when we look at ourselves, we know we have to be something different for the next generation of seniors, whether dramatically different or different enough. What happens in some organizations is they only allow for small incremental change in mindset and action, and then one day you wake up and you’re out of date, you’re not relevant. Just because you’re successful now doesn’t mean you’ll be successful 10 years from now. Realize you might be wrong, but it’s better to make mistakes when you can afford them than wait until you’re desperate.”

RiverWoods official mission statement is “to maintain a creative and secure continuing care retirement community that enriches the freedom of senior living while easing the challenges of aging.”

Asking these four questions is a simple way to ensure that the organization is poised to continue serving this mission for decades to come.

Greystone’s relationship with RiverWoods dates back to the development of its two newest campuses, The Ridge (opened in 2004) and The Boulders (2010).

Learn more about RiverWoods.

See photos of The Boulders in the gallery below.

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Buckingham

Financing Paves Way for Expansion at The Buckingham

Proceeds from a $109.38 million bond financing closed this month will allow The Buckingham, Houston’s premier continuing care retirement community, to serve more residents and further its non-profit mission.

Since first opening in May 2005, The Buckingham has served the Houston area with high-quality continuing care services. This Senior Quality Lifestyles Corporation-sponsored CCRC sits in the heart of Houston’s Memorial-Tanglewood area; its location, plus excellent amenities and an emphasis on hospitality, have led to marketing success and an opportunity for expansion.

Expansion is now possible thanks to this financing, underwritten by Ziegler. After purchasing six adjacent acres in late 2014, The Buckingham will use the bond proceeds to add 106 independent living apartments, 27 assisted living units, 18 memory support suites and 32 skilled nursing beds. To accommodate the increased number of residents, The Buckingham will also add 111 underground and 292 surface-level parking spaces.

The Buckingham’s original construction included 204 independent living apartments, 43 assisted living units, 16 memory support suites and 60 skilled nursing beds on 17 acres. Once the expansion is completed, The Buckingham will sit on a 23-acre campus that includes a total of 310 independent living apartments, 70 assisted living units, 32 memory support suites and 92 skilled nursing beds.

From Greystone Senior Vice President Stuart Jackson: “SQLC has solidified itself as a leading provider of senior services in Texas and beyond, and the recent expansion and repositioning of The Buckingham will cement its position as the dominate CCRC provider in greater Houston. The enhancement of living environments on the campus will better serve current and future generations of Houstonians. The marketplace has responded quickly to this change having achieved over 65 percent presales in a matter of months while maintaining high occupancies in the existing campus. This growth at The Buckingham has tremendous potential to advance this community similar to Edgemere in Dallas in its financial strength and market potential.”

Greystone’s relationship with SQLC dates back more than a decade to when it served as development consultant on the Edgemere project in Dallas, SQLC’s first continuing care retirement community. In the years since, Greystone has served as development consultant on The Buckingham’s original construction and expansion, as well as on SQLC’s four other projects:

  • Querencia at Barton Creek (Austin, Texas)
  • Mirador (Corpus Christi, Texas)
  • The Stayton at Museum Way (Fort Worth, Texas)
  • The Barrington of Carmel (Carmel, Ind.)

Greystone also serves as management consultant at each of SQLC’s six communities — The Buckingham included.

See renderings of The Buckingham’s expansion in the gallery below.

Learn more about The Buckingham.

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