Jeff Binder and Patrick Byrne have sold a Continuing Care Retirement Community in Iowa for $10,000,000. The facility consists of 84 Skilled Nursing beds, 20 Alzheimer units, 34 Assisted Living units and 19 Independent Living cottages. Constructed in 1999, the community has approximately 72,276 square feet on 100 acres. For additional information, please contact Pat or Jeff at 314/961-0700.
Jeff Binder, Ryan Saul and Ross Sanders sold a 102 Bed Skilled Nursing Facility in one of the largest cities in Iowa. Constructed in 1976, the facility is in good condition and is comprised of approximately 29,000 square feet on 2.83 acres. Census was 66% at the time of sale.
The Seller is a for-profit group of investors and they were the original owners of the facility. This was their only long-term care facility.
The West Coast based Buyer owns/operates a number of skilled nursing facilities in both the Midwest and West Coast. The new owners seek to significantly enhance the Medicare census by offering a number of new therapy programs at the facility. The Buyer looks forward to taking advantage of the new Quality Assurance Program/Provider Tax which the State of Iowa implemented in April 2010. Please contact Ross, Ryan or Jeff for additional information.
The question I was repeatedly asked in 2009 was, where is all the inventory? It seemed with constricted lending and the economic downturn, potential Sellers thought buyers couldn’t obtain financing. In addition, Sellers didn’t think they could achieve their desired value with a sale. We had a record year in 2009, and a number of our potential Sellers took us up on our offer to complete a confidential proposal to determine market value in 2010. What they found is we are getting deals done at the value we propose. This caused a flurry of new inventory which is a good sign. The sales process and due diligence is taking longer, but deals are getting done. Sellers just need to realize that buyers and lenders can’t pay for future upside and need to determine pricing on a trailing 12.
If you are in the market looking for nursing homes, assisted living or independent living facilities to buy, please contact me to be sure you are seeing our latest inventory. You can click on this Email link for more information. Ryan Saul.
Ross Sanders of Senior Living’s St. Louis office has sold a 16 unit Independent Living Facility in Iowa. The facility is located in one of the largest cities in Southeast Iowa and was constructed in 2000. The Seller was a Texas based investment group that purchased the asset out of foreclosure in 2006. The Buyer is a local seniors housing owner/operator who hopes to increase census and cut operating costs. The new owner will also have the opportunity to almost double the size of the existing facility on the vacant 3 acres included in the purchase. For additional information please contact Ross at 314/961-0070.
Jeff Binder and Nick Cacciabando represented a national provider in the sale of four underperforming skilled nursing facilities in Nebraska. Originally built in the 1970’s, this 214 bed portfolio had been upgraded since the mid-1990’s and are in above average condition. This package was a strategic disposition as the facilities did not fit into the long-term investment vision of the seller.
The Buyer is a regional long-term care provider with a strong presence in the Midwest. Their core business has centered on returning distressed, smaller, rural SNF facilities to profitability. With a successful track record of turning around similar underperforming/distressed facilities, this package will fit in well with their portfolio.
For additional information, please contact Nick or Jeff at 314/961-0070.