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May 1, 2020

Mary Wade secures loan to ease COVID burden, new construction still on target

By Michelle Tuccitto Sullo

The Mary Wade home, which provides long-term nursing and assisted living services on its New Haven campus, has secured a $1.8 million federal Paycheck Protection Program loan, company officials disclosed Thursday.

Like most businesses, Mary Wade has been adversely impacted financially by the coronavirus pandemic, in large part because it has had to temporarily close its adult day center.

William Ginter, chief financial officer, outlined Mary Wade’s situation in an Electronic Municipal Market Access (EMMA) continuing disclosure call Thursday.

According to Ginter, the facility’s financial performance had been “on target” up until March, when they began to see the virus’ impact. Management closed the adult day center, which resulted in a loss of revenue, he said. 

According to Ginter, Mary Wade acquired the PPP loan this past week. The U.S. Small Business Administration’s forgivable PPP loans are aimed at keeping workers employed for the duration of the crisis. 

New construction on target

Mary Wade broke ground last September on a new 84-unit, 75,000-square-foot assisted-living facility on Clinton Avenue opposite its main campus on Pine Street. Of the apartments, which include studio and one-bedrooms, 20 will be reserved for residents with memory impairment.

David Hunter, president and CEO, reported that the COVID-19 crisis to date has not impacted the construction project.

“As far as the assisted-living project is concerned, there is no direct impact,” Hunter said. “Construction is on-time and on budget. We do not at this time expect delays.” 

The project, being built by OR&L Construction of Branford, is expected to be finished in the spring of 2021.

COVID-19 impact

The coronavirus pandemic has struck nursing facilities around the state, with 1,249 COVID associated deaths statewide as of Wednesday, according to data released from the governor’s office. The April 29 data showed Mary Wade had 10 laboratory-confirmed COVID-related deaths, and 3 probable COVID deaths.

Mary Wade has taken numerous steps to mitigate the impact of the coronavirus pandemic at its facility, Hunter said, in response to questions from investors.

“We have been impacted by this since March 7,” Hunter said. “We haven’t seen anything like what we have been seeing in the past couple of months.”

In addition to closing the adult day center and deploying those workers to other duties, Hunter said management quickly shut down the campus and stopped family visits. The home stopped communal dining and has performed extra cleaning and disinfecting. Staff members are regularly screened and use personal protection equipment at the facility. Mary Wade has also deployed buses to transport staff who had previously been using public transportation. As with all state nursing homes, Mary Wade is subject to regular state inspections, according to Hunter.

“We have been having daily calls with state and national associations to be sure we are following guidelines,” Hunter said. 

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com

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