Tuesday, April 01, 2025

A Vietnam vet found a dream senior living community.

Then new owners jacked up the rent by 365%. Residents of senior living facilities typically expect to live out their remaining years when they buy into a community. But a new dynamic in the industry is altering the deals these residents agreed to.

Posted by LampLighter at 08:42 PM | 11 COMMENTS | permalink

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More from the article ...

... When Martha Bray and her husband moved into River Glen of St. Charles, a senior living community west of Chicago, she figured it would be her last home. The couple loved the neighborhood's tree-lined streets, tended lawns and tidy red-brick townhomes.

The Brays paid a $314,000 entry fee for their townhouse in 2013, plus a monthly maintenance fee. They didn't own the property, but if they decided to leave, their contract promised they'd receive 85% of the current value determined by a local realtor.

A Vietnam veteran, Bray, 84, thrived at River Glen even after her husband died in 2016. But all that changed with a knock at Bray's door in late June 2023. River Glen had been sold to a private equity firm and real estate investment group, she was told, and her financial contract was changing.River Glen's new owners, Jaybird Capital of Cedar Rapids, Iowa, and Citrine Investment Group of Chicago, were jacking up Bray's monthly maintenance from $1,395 to $6,500, a 365% increase, Bray said. And if she didn't like the deal and left the community, she would receive only 75% of the entry fee she'd paid more than a decade earlier. ...



#1 | Posted by LampLighter at 2025-04-01 08:44 PM

So now, private equity now seems to be targeting senior citizen communities, after what they have done to health care?

#2 | Posted by LampLighter at 2025-04-01 08:45 PM

" and real estate investment group, she was told"

Sorry pal, you bought the business AND its contracts.

No unilateral changing of terms.

#3 | Posted by Danforth at 2025-04-01 08:55 PM

@#3 ... No unilateral changing of terms. ...

Yup.

And that may be why private equity now seems to be targeting these entities.

#4 | Posted by LampLighter at 2025-04-01 09:13 PM

If y'all haven't read Naomi Klein, well, she described what Trump is doing to the United States.

The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by Canadian author and social activist Naomi Klein. In the book, Klein argues that neoliberal economic policies promoted by Milton Friedman and the Chicago School of Economics have risen to global prominence because of a deliberate strategy she calls "disaster capitalism".

#5 | Posted by snoofy at 2025-04-01 09:40 PM

"Then new owners jacked up the rent by 365%."

---- those stupid Veterans right in their Gulf War Syndrome asses. America doesn't want you any more. You are wasting taxpayer dollars with every breath you take. Vermin.

#6 | Posted by snoofy at 2025-04-01 09:42 PM

- Vermin

Wonder if he still has a sock here.

#7 | Posted by Corky at 2025-04-01 09:57 PM

@#3 ... Sorry pal, you bought the business AND its contracts. ...

Twenty years or so ago, I was the Executor for my Mom's estate.

At one point we (my siblings) had to place her in an assisted care facility.

Long story short, I read, agreed to, and signed the contract.

Then I asked for a copy of the contract I had just signed.

I was told, ~our printer isn't working.~

Much longer story short, after many days of that excuse, I had to involve lawyers to get that copy of the contract.



#8 | Posted by LampLighter at 2025-04-01 11:31 PM

#8

An executor only exercises authority after death.

Before death authority is likely via some form of power of attorney which dies at death.

Either way, as a fiduciary (look up that word), you were a nucking fidiot signing anything before getting a copy.

#9 | Posted by et_al at 2025-04-02 05:50 AM

#9 Lots of people don't think of those things in the moment and trust the person they are dealing with to be reasonable.

Elder care facilities are rarely reasonable.

Whem mom was in assisted living and on medicaid one of the perks was new hearing aids for her. They got some great new digital ones for her that gave her hearing back to her. One day I went in to visit and I had to scream to her for her to hear. I asked her where her hearing aides were and she shrugged her shoulders. I asked the aide and she wouldn't tell me. Finally had to get the supervisor down who admitted that when the night aide put her to bed, she took the hearing aides out, put them in the pocket of her smock and promptly forgot about them and they went through the wash. When I asked about when the replacements would be coming they told me "Well that's the point, your mom doesn't have enough money in her commissary account to cover the replacements"

I saw bright red. It took me getting the health care advocate involved to get the facility to pay for their own mistake.

#10 | Posted by Nixon at 2025-04-02 03:14 PM

#10: Hi Nixon: My mother's dentures similarly disappeared in the hospital and nobody knew what happened to them or wanted to accept responsibility. "Oh, that happened on the night shift, I work days...." Blah-blah-blah. My poor mom would pass away soon after that appalling incident. And the insurer who would later cut off her care was none other than UnitedHealthCare. Luigi Mangione whacked the UHC CEO not long after my mom passed and like most Americans, I didn't care. America's healthcare system, like its policing, needs a complete overhaul. Regrettably, neither will ever happen despite who is in the White House.

#11 | Posted by C0RI0LANUS at 2025-04-02 04:01 PM

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