Senior Living News Wire

The Senior Artists Colony, an affordable housing development of Meta Housing Corporation designed by Studio One Eleven, recently captured the 2010 SAGE Award in the ‘On the Boards’ category.   The Long Beach, California development project will feature 200 units of affordable senior housing units situated near the Metro rail line and the Anaheim Street bus corridor to provide easy options for public transportation to the community’s residents.  This portion of the Long Beach+Anaheim mixed-use, multi generational development will be Meta Housing Corporation’s 4th Generation of Independent Senior Housing

The first phase of the project, expected to be completed by 2012, will have a 161 unit Senior Artists Colony (SAC), a community focused on continued learning and fitness, and an adjacent building, the Arts Annex (AA) containing 39 units of additional affordable senior housing.  SAC amenities include art studios, a playhouse/community room, audio room, computer room, classroom, billiard room, fitness center, game room, and library with roof deck.  The project, which will also include a dog park and community gardens, will follow the City’s green building policy and be LEED^®-certified equivalent.

“This project, featuring impressive, well-executed contemporary architecture in a mid-rise design on an in-fill site, is a great example of the future of 50+ housing,” said SAGE judge and former president Manny Gonzalez. “The developer’s successful arts programs, extensive common spaces, and commitment to engaging residents is taken to an even higher level.”

Annie Gerard, a senior housing market research expert and the 2010 SAGE Person of the Year, also referenced the project upon accepting her award.

“We have a much better understanding [today] that creating thriving senior communities goes way beyond sticks and bricks,” stated Gerard. “Long Beach Senior Artists Colony, tonight’s ‘On the Boards’ winner, is an outstanding example of a community that specifically encourages seniors to be actively engaged.”

The old mortgages are still stinking up the joint but the new ones are smelling sweet according to the annual report released today from the Federal Housing Administration (FHA).  The report shows that FHA continues to sustain losses from loans insured prior to 2009 that represent 70 percent of the expected losses from its single family portfolio in its Mutual Mortgage Insurance (MMI) fund.  While FHA’s capital reserve ratio remains below the congressionally mandated threshold, it feels that the ratios should approach two percent in 2014 and rise above the requirement in 2015 under conservative assumptions of future growth of home prices AND without any new policy actions.  Since last year, the fund has seen the capital reserve ratio stabilize and a significant decrease in insurance claims.

“It’s clear that FHA is in a stronger position today than we were just one year ago,” said FHA Commissioner David H. Stevens.  “While we are not yet completely out of the woods, based on the evidence we’re seeing, FHA is weathering the economic storm while helping to create a firm foundation for our nation’s recovery.”

For the full FHA 2010 Report to Congress

Emeritus Corporation (NYSE: ESC) recently released its third quarter financial results that showed an increase in revenues of 10% to $250 million compared to the same period in 2009.  The company stated that the increase was driven on rate and occupancy increases at its communities.  The same community average monthly revenue per occupied unit improved by 3.5% to $3,798 and its same community average occupancy increased 30 basis points to 87.9%. during the quarter.  The company’s net loss for the quarter was $13.6 million compared to a loss of $15.9 million in third quarter 2009.

“Our solid performance has continued due to the strong underlying fundamentals of our need-driven business, along with solid execution from our entire organization,” commented Granger Cobb, President and Co-Chief Executive Officer. “On the consolidation front, we are pleased with the initial integration of the recently acquired Sunwest communities and are confident that the additional 27 leased communities from HCP in the fourth quarter will likewise be incorporated into our portfolio efficiently and effectively.”

Emeritus also has priced a previously announced public offering of 5,000,000 shares of its common stock at a public offering price of $18.25 per share. 4,000,000 shares of common stock will be sold by Emeritus and 1,000,000 shares will be sold by existing shareholders.  The company will use the proceeds from the offering to pay the $13 million cash portion of the purchase price of its previously announced acquisition of the assets of Randall Weston and Weston Group, Inc., to make an aggregate repayment of $14.2 million of the outstanding principal of two loans owed to Ventas Realty, Limited Partnership, and for other general corporate purposes.

ESC 10-Q Third Quarter 2010