Management & Development


Manager, Developer and Sponsor

Continuum of Development and Management Services
Tapestry provides a full continuum of facility management, care services, construction oversight, ownership representation and development of senior housing facilities nationally. The company also provides financial modeling through a proprietary integrated operating budget, which examines income and expenses for senior housing facilities on a monthly basis from pre-development through 5 years of operations. Tapestry also provides third party management and development services.

Development Services
General real estate development is a complex process. Senior housing development requires both the skills of a developer and experience in the operation of senior housing. Tapestry principals have been involved in the entire process:

  • Pre-Development Services and Budgets
  • Third Party Reports-Feasibility
  • Third Party Reports-Building/Construction
  • Construction Management
  • Integrated Operating Budgets
  • Opening and Leasing through Project Stabilization
  • Continued Facility Management Services

Typical Pre-Development Budgets

  • Earnest money
  • Municipal application fees
  • Legal for municipal fees, ownership entity formation and general real estate
  • Building permit fees
  • As-built drawings
  • Tax Exempt Bond fees
  • Lender fees
  • ALTA survey
  • Phase 1 ESA & Property Condition Report
  • Appraisal
  • Code review and permitting
  • Third party feasibility study
  • Renderings
  • Web site
  • Architectural plans
  • Civil and Landscape plans
  • Travel expenses

Typical Pre-Development Responsibilities

  • Site and or building identification
  • Purchase agreement or option agreement negotiation and finalization
  • Third party building reports coordination
  • Internal feasibility analysis
  • Third party feasibility coordination
  • Development team selection
  • Builder selection
  • Municipal approval coordination
  • Architectural engineering plan coordination
  • Financial modeling and preliminary budgets

Third Party Reports-Internal and Third Party Project Feasibility
After identification of a new potential senior housing opportunity, Tapestry completes and Internal Rent and Occupancy Summary, which includes:

  • All competitive facilities in the Primary Market Area
  • Projected rent range at facilities
  • Projected levels of care pricing
  • Estimated occupancy rates

If the project appears feasible, a third party feasibility study is ordered from an experienced national consulting company recognized by industry peers. In the past, Tapestry has retained:
Moore Diversified Services – m-d-s.com
CliftonLarsonAllen Healthcare – claconnect.com/seniorliving

Construction Management and Ownership Representation
Tapestry staff have experience in both the construction management of company owned projects and in ownership representation of projects owned by others including the University of Minnesota, Bethel University, religious organizations and numerous non-profit organizations. Please refer to the Construction Management Home Page for additional information.

Integrated Operating Budgets
Successfully managing senior housing facilities requires developing detailed income and expense projections:

  • Pre-development including Development Team selection
  • Construction
  • Leasing and Marketing
  • Capitalized Interest
  • Working Capital
  • Operations

Tapestry has created a proprietary integrated operating budget, which examines monthly income and expenses from pre-development through five years of operations. The 45 Tab Excel Workbook contains the following:

1 Project Comparisons
2 Project Comparisons Assumptions
3 2014 Senior Housing Report Comparisons
4 Unit Mix and Projected Rents
5 Levels of Service-Assisted Living
6 Levels of Service-Memory Care
7 Unit Rents-Square Footage Analysis
8 Sources and Uses-Base Budget
8A Sources and Uses-Series B Subordinated Bonds
9 Sources and Uses-Base Budget Clarifications
10 Equity Summary and Ownership
11 Private Activity Bond-HUD 232 Fees-If Applicable
11.A HUD Assumptions-If Applicable
12 Construction Budget-Notes
13 HUD 2328-If Applicable
14 Municipal Fees
15 Refinancing
16 IRR Summary
17 Financial Executive Summary-5 Years
18 Operating Ratios
19 Loan Amortization Schedule
20 Expense Assumptions
21 Draw Schedule-Construction Interest
22 Leasing Schedule
23 Marketing-Pre-Opening and Annual Budget
24 Pre-Opening-Staff Start Date
25 Organization
26 Utility Estimates and Service Contracts
27 Budget Assumptions-Administration
28 Insurance Analysis
29 Property Taxes: Current and Estimates
30 Property Taxes: Competition
31 Property Taxes: Transitional
32 Payroll Assumptions
33 Payroll-Construction
34 Payroll-Months 1-12
35 Payroll-Months 13-24
36 Payroll-Months 25-36
37 Payroll-Months 37-48
38 Payroll-Months 49-60
39 Operations-Construction
40 Operations-Months 1-12
41 Operations-Months 13-24
42 Operations-Months 25-36
43 Operations-Months 37-48
44 Operations-Months 49-60
45 Project Links

Rents, Levels of Care and Care Points-Assisted Living and Memory Care
Base
Tapestry base rents are competitive with facilities in the Primary Market Area. For expense and income projections, Tapestry assumes the following for residents:
Level 1 and 2 Additional Services
Additional services are available to residents based on individual needs and nurse assessments.
Initial Occupancy Assessment
Prior to acceptance as a resident, an assessment is completed by the Tapestry Registered Nurse with respect to the resident requirements for assistance with daily activities (ADLs). The results of this assessment in conjunction with the Basic Service Costs determine the total fees to be charged to the resident.
Assistance with Daily Living Activities
Activities of Daily Living generally include:

  • Bathing
  • Eating
  • Dressing
  • Toileting
  • Continence
  • Medication Management
  • Transfers

Care Points
Depending on the competitive facilities in the Primary Market Area, Care Points may be used as the basis for additional services instead of Level of Care. Alternatively, Care Points may be used in conjunction with Levels of Care as the basis for providing specific additional services. With Care Points, each type of care and the frequency with which it is provided determines the total assisted living cost.

Entry Fee
The Entry Fee is a one-time non-refundable fee, which pays for the Initial Occupancy Evaluation Assessment and Resident Processing Fee.