Jeff Binder, Matt Alley and Nick Cacciabando teamed up to sell a Skilled Nursing Facility in Oklahoma. The facility was owned and operated by a local family. The facility was built in 1964 and 1969 and was at 93% occupancy at the time of the sale. The Buyer is a regional owner/operator based in Texas who will be expanding its current operations into Oklahoma. For additional information, please contct Nick or Jeff at 314/961-0070 or Matt at 630/858-2501.
Nick Cacciabando, Ryan Saul and Jeff Binder sold a 92 Bed/82 Unit Assisted Living and Memory Care Facility in Phoenix, Arizona. The Seller, a Detroit based bank, acquired ownership of the property through foreclosure in June 2011. The 45,422 square foot building was approximately 61% occupied at the time Senior Living commenced marketing of the facility. The main payor source is Medicaid which totaled over 80% of revenue.Senior Living was able to generate multiple offers. The ultimate Buyer was selected in part because the offer had no financing contingency and they were able to close quickly. The Buyer is a national owner/operator with an existing presence in the market. The facility was built in 1974 and had a negative EBITDA of ($158,605). The sales price was $3,225,000 ($39,329/unit). For additional information please contact Jeff Binder or Nick Cacciabando at 314/961-0070 or Ryan Saul at 630/858-2501.
Ryan Saul and Brad Clousing sold a 117 Bed Skilled Nursing/25 Bed Inpatient Rehab Facility in Alabama. Also included in the transaction was a free standing administrative/medical office building. Both buildings were located on the same 12 acre parcel of land. The SNF just received Medicaid certification in 2010 helping with the recent surge in census. The Seller is a local non-profit which will maintain offices in the administaration building to focus on their PACE, Home Health and Hospice businesses. The Buyer is an operator of a large portfolio of facilities across the U.S. although this is their first asset in Alabama. For additional information, please contact Brad Clousing or Ryan Saul at 630/858-2501.
Jeff Binder, Brad Clousing and Pat Byrne sold a skilled nursing facility and a residential care facility in Stone County, Arkansas. The skilled nursing facilityis 97 beds and was built in the 1960’s with several renovations. It is one-story building comprised of approximately 30,000 square feet on 3.4 acres. The residential care facility is a 32 bed/20 unit facility built in 1995. It is one-story building comprised of approximately 12,000 square feet on 1.12 acres. The combined census at the time of the sale was near 92%. The Seller is a local health system and divested of the assets to focus on its core businesses. The Buyer is using this transaction to bolster its growing presence in the State of Arkansas. The combined transaction sold at a 7.7% capitalization rate/.875 GIM. For additional information, please contact Brad, Jeff or Pat.
Congratulations to Jeff Binder, Ryan Saul, Matt Alley, Brad Clousing, Patrick Byrne, Patrick Burke and Nick Cacciabando. Our top brokers all worked to propel Senior Living Investment Brokerage, Inc. to a record year and once again, for the 4th year in a row, handling more Seniors Housing transactions than any other brokerage firm in the country. We would like to thank all of our clients that put their trust in us to handle their Seniors Housing sales and acquisitions.
Happy New Year from Senior Living Investment Brokerage, Inc.
As Yogi Berra said, “I knew the record would stand until it was broken.”
Our firm had another record year, and I want to thank all of those who helped make that happen. I am really looking forward to working with you in 2012. Please let me know if you are looking to buy or sell Seniors Housing or long-term care facilities. Email firstname.lastname@example.org or call 630/858-2501.
We will also be attending the ASHA Conference January 15th – January 17th. Check back for updates on the market after that conference.