‘Peace of mind’ for aging loved ones
Changing demographics are one reason Wells Fargo’s Senior Housing Finance team focuses on companies like Aegis Living — an operator of assisted living and memory care facilities.
A few years ago, Michael Shiosaki began to worry about his aging parents, who lived in Spokane, Washington — 300 miles away from his home in Seattle.
Fred and Lily Shiosaki, who are now 90 and 87 respectively, were struggling to pay bills on time, occasionally forgetting to take their medications, and had trouble keeping up with routine maintenance around the house. Further complicating the situation was Lily’s Alzheimer’s diagnosis and Fred’s short-term memory problem.
So Michael made the difficult decision to move his parents into Aegis on Madison, an assisted living facility in Seattle. Now he visits them several times a week and plays a more active role in their care than was possible previously. He says he has “a whole new peace of mind.”
Aegis on Madison was financed with the help of Wells Fargo’s Senior Housing Finance Group.
Dwayne Clark, the CEO of Aegis Living — which operates Aegis on Madison — says, “Wells Fargo is well known for their reputation. And one of the things we wanted to do was establish a relationship with a lender like Wells Fargo that would be sustainable. And instead of going out and shopping every deal, by deal, we wanted to have a relationship with a bank that knew us, knew the kind of operations we perform, knew our portfolio, and knew our track record.”
Wells Fargo does business with proven operators “that understand the industry and have a solid infrastructure for managing these unique assets,” says Mark Cotsakis, head of the Senior Housing Finance Group. “We want to do business with the best, brightest, and most innovative.”
Although Fred and Lily were reluctant to move away from the home they’d known for many years in Spokane, they’ve now become part of the Aegis on Madison community.
Fred, an avid fly fisherman, has organized a club for other residents and teaches fly tying classes. “It’s just one of the pleasures of being here, being able to work with people. It’s one of the things I’ve done all my life, work with people, and along those lines, it’s a pleasure,” he says.
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