A perfect storm of plummeting reimbursement from Medicare and other payers, mounting capital repair costs on the 21-year-old campus and continuing change in the needs and preferences of our older adults has led to millions of dollars in operating losses at Cedar Village over the past few years. The Mason campus is no longer financially sustainable as a standalone entity. Retaining ownership would only worsen the situation – increasing the debt and decreasing Cedar Village’s ability to advance its mission. By selling now, at a premium, and stopping the operating losses, the Cedar Village sale will create resources that can be invested in new and innovative ways to make Cincinnati a great place to be an older Jewish adult. The funds released through the sale will enable us to serve more people more efficiently than has been possible until now.
Another critical component in the decision to sell was the quality of the buyer, its offering price and its willingness to preserve the Jewish services and programming at Cedar Village.
Current residents will be able to stay at Cedar Village, regardless of their insurance or payment strategy. The agreement also includes a rent control provision.
Yes. The Jewish Home of Cincinnati, Inc. (the current owner of Cedar Village) and Indiana Senior Housing Health Care Properties (the new owner) have reached an agreement where the Jewish Home of Cincinnati will cover incremental costs for the operator to provide freshly prepared kosher meals for those residents who indicate their level of Jewish observance requires kosher food. Fresh kosher meals will be prepared by a local va’ad-supervised kitchen and will be catered to the community.
The Jewish Home of Cincinnati’s board of trustees has gone to great lengths to ensure that Cedar Village remains a great option for Jewish older adults. In addition to fresh kosher meals prepared by a va’ad-supervised kitchen, Cedar Village will also continue to offer pastoral care, and Jewish programming will continue, including Shabbat observance, the celebration of Jewish holidays and the Opening Minds Through Art program with Miami University. Jewish themes and artwork will continue to be displayed.
After retiring Cedar Village’s debt, the remaining endowment and proceeds from the sale will create a fund of approximately $25 million to invest in new and innovative ways to make Cincinnati a great place to be an older Jewish adult. This will include supporting fresh kosher meals and other Jewish programs and services at Cedar Village. The sale of Cedar Village is not the end of the Cedar Village mission. It is an opportunity to realize that mission in ways that serve even more Jewish older adults.
Cedar Village will be owned and operated by the nonprofit organization Indiana Senior Housing Health Care Properties (ISH) which will operate under the d/b/a of Cedar Village Senior Living (CVSL). ISH formerly owned Solarbron Pointe, a Jewish-founded senior living community in Evansville, Indiana. Cedar Village will be managed by CarDon Management Company, a family-owned business and high-quality operator whose mission is to be the leading provider of inspired living and compassionate care. CarDon operates more than 20 senior living communities. Current Cedar Village board members have visited several of CarDon’s facilities and were impressed. Equally important, leaders at ISH and CarDon have stated their desire for Cedar Village to continue to be the facility of choice for both older Jewish adults and the wider Cincinnati community. They recognize that Cedar Village already provides many unique, quality services and amenities, and want to raise the bar even higher. More information about CarDon is available at www.cardon.us.
Cedar Village will continue to be a great option, as both the Cedar Village board, ISH and Cedar Village Senior Living have gone to great lengths to ensure the facility will continue to meet the needs of Jewish older adults moving forward.
By selling now, at a premium, and ending the operating losses, the Cedar Village sale will create significant new resources that can be invested in new and innovative ways to make Cincinnati a great place to be an older Jewish adult. The sale of the facility provides an opportunity to Cedar Village to realize its mission in ways that serve even more Jewish older adults, in the ways that they want to be served.
Nor is Cedar Village alone in its efforts. For several years, agency leaders, aging experts and funders have been researching trends and gaps in aging services. This community collaboration enabled the recent launch of AgeWell Cincinnati, a central solution that links older adults, their family members, friends and caregivers to community resources. Now the Jewish Federation and Jewish Foundation have launched a strategic planning effort to understand and adapt cutting-edge approaches to the changing needs of older adults. This effort includes all the community agencies that serve older adults. And it will consider both new facilities and services that don’t require new facilities. This process will move as quickly as possible, and the community will receive regular updates.
CarDon will begin managing Cedar Village on or about June 1, though that date could be extended as there are still a lot of details to work through.
The Cedar Village strategic planning process has been underway for almost two years, and it has been as inclusive as possible. A broad community coalition has been engaged, including representatives from the Jewish Federation, Jewish Foundation, JVS Career Services, the Mayerson JCC and Jewish Family Service. Cedar Village held focus groups with different community members to hear their opinions. Information – and opportunities for feedback – have been on the Cedar Village website since August 2017. Cedar Village’s challenges have been the focus of numerous blog and social media posts and a spotlight video from the Federation. Cedar Village residents, their families, and employees have been regularly briefed on the process in different forums on a frequent basis. Community updates will continue as new ways to serve older adults are launched.
The facility will continue to be known as Cedar Village.
The Cedar Village Foundation – which raises money for Cedar Village in support of its not-for-profit mission – will remain intact (with a different name), and its assets will continue to be used to support Jewish older adults. Private support will continue to be critical as our community develops new ways to serve its older adults.
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