“This generation has been rede-fining retirement since the oldest members hit their mid-60s about 10 years ago. Many want to stay connected to their social and/ or professional communities and plan to remain both active and productive, whether by volunteer-ing or working part-time.” “Because location is pivotal to affording boomers an opportu-nity to stay active, how a building relates to and connects residents with its surroundings is a key fac-tor in urban senior living design,” continues Harris. “That’s why co-located developments — those that place complementary uses either in the same building or near each other — have become an increasingly popular approach.” For a marketing approach, Har-ris notes that many of the baby boomer generation are choosing their own living situation, rather than relying on an adult child. “They are opinionated and want input regarding their lifestyle arrangements. Marketing and sales teams should work to cre-ate a brand that is fully integrated with the development design, as this integrated approach will cre-ate a richness that will connect with prospective residents.” their undeniable advantages, we anticipate more developments offering varied and integrated lev-els of care will follow suit. “We are seeing some developers already planning their facilities to accommodate seniors who want the option to age in place with higher levels of care by incorporat-ing flexible shell space or anticipat-ing a secondary build-out for inde-pendent living and memory care. In addition, we are seeing some clients pursue comingled assisted living/memory care facilities that reflect a paradigm shift away from separated memory care in ‘lock-down’ within a facility. This contin-ues to build on the idea of elimi-nating the isolation that has been traditional in senior living design.” As an example of this concept in action, Harris cites a recent BKV-designed project, the 91-unit New-man Lofts active adult community that is located adjacent to Michi-gan State University’s campus in East Lansing, Michigan. Harbor Bay Advisors is the developer. “The energy of Michigan State University campus life is right at residents’ doorsteps. The neigh-borhood offers plentiful cultural, Driving innovation. Delivering solutions. The unique capital needs of seniors housing and healthcare investors demand a partner with extensive experience in the nuances of the sector. At NewPoint, we blend that expertise with an innovative approach to process, structure and execution to deliver the best financing solutions for our clients and the people they serve. Mix it up NEW CONSTRUCTION ACQUISITION REFINANCE REHABILITATION Johnny Dagher, senior living practice leader at Baker Barrios Architects, summarizes the baby boomer generation as “tech savvy and well-travelled.” “They value life experiences over material goods. Baby boom-ers also prefer more urban areas over isolation. Designing facilities that allow for baby boomers to continue to live, learn and interact with others will be key to a suc-cessful community.” Flexibility is also key, according to Dagher. “From a design standpoint, own-ers and operators need to develop facilities that can easily convert from independent living to assisted living, so that the independent liv-ing market is not left behind once baby boomers transition.” If variety is the spice of life, baby boomers may be the first genera-tion of seniors to truly embrace the idea. Choice and diversity are key to how boomers want to live in their retirement years, according to Harris. “Right now, strategies like mixed-income, mixed-age and mixed-use are most prevalent in senior living (particularly active adult) communities. But given July 2023 FANNIE MAE FREDDIE MAC HUD/FHA NEWPOINT IMPACT NEWPOINT BRIDGE Learn more at NewPoint.com. Reimagining real estate finance. Any loans or terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions. This is not a commitment to lend. To view NewPoint’s complete licensing information please visit newpoint.com/licensing-disclosures. ©2023 NewPoint Real Estate Capital LLC. All rights reserved. Seniors Housing Business www.seniorshousingbusiness.com 13
Seniors Housing Business July 2023: Page 13
