What's in Store for Skilled Nursing Finance?
Greystone's Chief Credit Officer for FHA (HUD) lending, Scott Thurman, recently sat down with Beth Mace, Chief Economist for the National Investment Center for Seniors Housing & Care (NIC), to discuss how Greystone tackled varying industry challenges of 2021 and the continued pressure the COVID-19 pandemic has had on the skilled nursing sector and its capital needs.
On the availability of capital for SNF investors facing a range of challenges during the pandemic, Scott noted, "We took a strong stance during [the early days of] COVID, with FHA in particular, helping to shape how the FHA and other lenders looked at the business. We made sure those financing options stayed available during the pandemic through industry associations and with our relationships at Greystone. We reminded FHA that it was created in the wake of the Great Depression, during difficult times, like these. We’ve continued to do business throughout the pandemic, working through the challenges."
Scott's view on how the skilled nursing sector is faring so far today, 18 months into the pandemic?
"I have a positive perspective about the industry, especially the need-based settings of assisted living, memory care, and skilled nursing. They do not get enough credit for their contributions as a relief valve for the hospitals and helping them get through the pandemic. I’m hopeful that we are through the worst of it. We have vaccines, and despite the emergence of the delta variant and perhaps others, operators have rallied and know what to do. The industry and resident attitudes have adjusted to a new norm, and I think we’ll see improvement in the sector, though it may be more gradual than we’d like. The sector is in a good place, and there are opportunities out there."
Read this exclusive NIC interview to learn more about Scott's insights on SNF lending and the road to recovery for this critical sector of healthcare.