Monthly Archives: March 2016

March 30, 2016
Grant Kief

Nick Cacciabando and Jeff Binder Broker Skilled Nursing Facility

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Senior Living Investment Brokerage, Inc. Hired to Broker Skilled Nursing Facility in Kansas

The 36,940 square foot building consists of 45 skilled nursing beds and 14 residential care units built in 1965, 1974 and 1998. The facility had been de-certified from 58 beds within the last couple of years. It is the only facility in town and nearest competitor is nearly 25 miles away. The Seller is a large regional owner/operator based in Kansas. This was a strategic divestiture for the Seller as it is a portfolio outlier. The Buyer is a growing regional owner that acquired four additional facilities in Kansas at the same time as this acquisition. They have an existing presence in Kansas and will benefit from economies of scale. The transaction sold at a 12.8% capitalization rate. For additional information, please contact Jeff Binder or Nick Cacciabando of Senior Living Investment Brokerage, Inc. at 314/961-0070.

March 29, 2016
Grant Kief

Ryan Saul and Nick Cacciabando Team up for Skilled Nursing Facility Sale

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Senior Living Investment Brokerage, Inc. recently announced a 96 Bed Skilled Nursing Facility Sale in Wichita, Kansas. Census was 67% (92% Medicaid) at the time of sale. Original construction of the 32,882 square foot home was in 1968. The selling entity is a private owner based in Georgia. This was an outlier for them and the sale proceeds are being used to reduce the debt at another property they own. The Buyer is a private REIT based out of Chicago. A regional operator has been retained. The new owners of the skilled nursing facility plan to invest capital into the physical plant in order to improve census and quality mix. For additional information on this skilled nursing sale or to schedule a meeting to discuss how Senior Living Investment Brokerage, Inc. can assist you in the sale of your seniors housing property, contact Ryan Saul at 630/858-2501 or Nick Cacciabando at 314/961-0070.

March 28, 2016
Grant Kief

Patrick Byrne and Bradley Clousing Sell Skilled Nursing Facility

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Senior Living Investment Brokerage, Inc. hired to sell Skilled Nursing Facility in Oklahoma.

The property was built in in 1971 and 1990. The census at the time of sale was 61%. At the time of sale, the facility had negative EBITDA of ($568,000). Senior Living Investment Brokerage, Inc. was able to generate multiple offers on the exclusive listing.
The Seller purchased the 102 bed skilled nursing facility and made a significant investment in the physical plant. After struggling with census and retaining able management, a decision was made to sell. The Buyer has a good reputation and strong relationships in Oklahoma and should be able to capitalize on the improved physical plant. For additional information contact Patrick Byrne at 314/961-0070 or Bradley Clousing at 630/858-2501

March 25, 2016
Grant Kief

Brad Clousing Handles Assisted Living and Independent Living Sale

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Senior Living Investment Brokerage, Inc. recently closed on a 138 unit Assisted Living and Independent Living Sale. The community, built in 1985, was a condominium building that is in the process to a rental community. Originally developed as a seniors housing condominium, the aging resident base and high assessment fees provided the opportunity for a group to assemble the units by purchasing each individual unit, terminate the condo association and convert the building to a rental model. Given the large unit sizes, there will be 214 units post post conversion. At the time of the sale, there were 80 existing condo residents that executed new leases for their units. The Buyer also plans on investing in memory care units at the property. For additional information, contact Brad Clousing of Senior Living Investment Brokerage, Inc. at 630/858-2501 or clousing@slibinc.com

March 24, 2016
Grant Kief

Senior Living Investment Brokerage Sell Skilled Nursing Facility

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Ryan Saul, Toby Siefert and Patrick Burke Sell Skilled Nursing Facility

The western Tennessee skilled nursing facility was originally built in 1973 on 2.1 acres. The rural property has 62 skilled nursing beds and 30 inactive assisted living beds. At the time of the sale, the 32,300 square foot property was at 56% census. The Seller is a public REIT and the operator made a decision to exit the property because it did not fit within their geographic footprint. The Buyer is a not-for-profit organization based out of Tennessee that hired a Tennessee based operator with 42 communities manage the-day-to-day operations. Fo additionl information, please contact Patrick Burke, Toby Siefert or Ryan Saul of Senior Living Investment Brokerage at 630/858-2501 www.seniorlivingbrokerage.com

March 23, 2016
Grant Kief

Patrick Burke Hired To Sell Skilled Nursing Facility

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Senior Living Investment Brokerage Hired to Sell Skilled Nursing Facility in North Carolina.
The 133 Bed Skilled Nursing Facility also has 7 Assisted Living Beds. The property was built in 1994 and was closed by the Seller voluntarily in 2012. Despite these challenges, Senior Living Investment Brokerage was able to procure multiple offers and sell the building for over $6,000,000. The Buyer, a skilled nursing operator based out of North Carolina, plans on either investing capital to upgrade the facility or build a new facility within the county. The Seller is a regional owner operator based out of the Southeast. For more information on this transaction or how Senior Living Investment Brokerage, Inc. can assist you with the sale of your seniors housing community, please contact Patrick Burke at 630/858-2501 or burke@slibinc.com

March 22, 2016
Grant Kief

Jeff Binder and Brad Clousing Sell Assisted Living Community in Georgia

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Senior Living Investment Brokerage, Inc. recently sold an 84 Unit Assisted Living Community in Cumming, Georgia. This was the third asset in a sale-leaseback arrangement with CNL by the developer owner in 2014. The asset was under construction during the the 2014 transaction and CNL had a right of first refusal on the property. Assisted Living and Memory Care services are both offered at this state of the art property. The unit mix is 36 memory care units and 48 assisted living units. The asset leased up well ahead of schedule and was stabilized prior to closing of the transaction. The building is licensed for 90 assisted living beds by the State of Georgia. Census at the time of sale was 95% and the cap rate was &.5%. The assisted living community sold for $217,262 per bed. For additional information contact Brad Clousing or Jeff Binder at Senior Living Investment Brokerage, Inc.

March 21, 2016
Matt Alley

Now May Be a Great Time for a Seniors Housing / Long Term Care Sale

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On March 9-11th, Matthew Alley represented Senior Living Investment Brokerage at the NIC Spring Investment Forum in Dallas, Texas.  While attending sessions and meeting with operators, capital providers and other industry professionals, there were five main reasons why most of the attendees agree that now is a very good time to proceed with a Seniors Housing / Long Term Care sale.

Capital is available at low cost of funds.

The Conference was very well attended by many capital providers – REITs, Private Equity, agency lenders, commercial banks and other individual or family investors.  Those capital providers were anxious to deploy equity and debt financing in new development or acquisitions in the Seniors Housing / Long Term Care industry.  They spoke of low cost of funds, stemming from low interest rates, historically low capitalization rates in other real estate classes and strong balance sheets, as a reason why they could still be very aggressive in their pricing.

Recent recovery in stock prices of publicly-traded REITs.

While not perfectly correlated, when REIT stocks perform well, those companies have a greater ability to increase their acquisition pipeline.  The volatility in the stock market in general and specifically with health care REITs, add another major risk factor for the future of the acquisition market.

Development risk.

A good number of conversations revolved around development and the risk of some markets being overdeveloped, especially in the state of Texas.  While most believe that Texas is in good shape long term, there is no doubt that there will be a number of submarkets that will be overdeveloped.  If one of your communities is in a market that carries that risk, it may make sense to sell now as opposed to waiting until the market stabilizes.

Reimbursement risk.

In the current Long Term Care market, there is much less development risk, but there is reimbursement risk.  In the current political landscape, many states’ budgets are very tight and a quick way to cut expenses is to decrease Medicaid reimbursement.  Medicaid is one of the largest expense line items for every state and a cut of even 3-5% can result in a major savings for the state government while having a negative effect on the financials for long term care facilities.  Medicare carries a similar risk with federal healthcare constantly being in flux.  Any future cuts in either Medicaid or Medicare could have a major impact on Long Term Care valuations / prices.

Seasonal effects.

The spring season is typically a very good time to market properties. Many potential acquirers have completed year-end financial reporting and have a clear strategy for acquisitions.  They are typically filling their pipeline for transactions to close in the summer.

If you have any questions on the topic of this post or would like a confidential valuation of part or all of your Seniors Housing / Long Term Care portfolio, please contact Matthew Alley of Senior Living Investment Brokerage at 630-858-2501 ext. 225 or alley@slibinc.com.

March 21, 2016
Grant Kief

Matthew Alley Brokers Skilled Nursing Facility Sale

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Matthew Alley Sells Skilled Nursing Facility
Skilled Nursing Facility Sale

Skilled Nursing Facility Sale

Senior Living Investment Brokerage was recently hired to handle a Skilled Nursing Facility Sale in Texas. The Skilled Nursing Facility Sale comprised of 79 beds however only 44 beds are certified for Medicaid. The asset, built in 1970, is approximately 17,068 square feet and is situated on approximately 1.48 acres of land. The property is located about one hour outside the Dallas Fort Worth Metroplex.  The census at the time of sale was 34%.

Sale Overview

The Skilled Nursing Facility transaction was $1,200,000 or $89,818 per unit.

Senior Living Investment Brokerage, Inc. Seller Representation

The seller is a local private owner operator and the Buyer is also a private, local owner operator looking to expand in East Texas.

Contact Matt Alley

For additional information on this Skilled Nursing Facility sale or to request a confidential proposal to determine the value of your seniors housing community, contact Matthew Alley of Senior Living Investment Brokerage, Inc. at 630/858-2501 or alley@slibinc.com or www.matthewdalley.com.

March 18, 2016
Grant Kief

Senior Living Investment Brokerage Sells Skilled Nursing and Independent Living Community

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Jason Punzel and Nick Cacciabando recently sold a 65 Bed Skilled Nursing Facility and 18 Unit Independent Living Community in Washington. The Skilled Nursing facility is 20,686 square feet and was built in 1973 with an 82% census. The Independent Living community is 17,800 square feet and was built in 1984 with with 100% occupancy. The Seller is a local group of investors exiting the seniors housing market. The Buyer is a regional owner/operator based out of Idaho looking to expand their footprint in the Pacific Northwest. For additional information on this seniors housing sale, contact Nick Cacciabando at nbando@slibinc.com or 314/961/0070 or Jason Punzel at punzel@slibinc.com or 630/858-2501 of Senior Living Investment Brokerage.

March 17, 2016
Grant Kief

Brad Clousing Handles Personal Care Home Sale In Georgia

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Senior Living Investment Brokerage, Inc. was hired to handle an 81 Unit/120 Bed Personal Care Home sale in Macon, Georgia. The asset was built in three phases in 1967, 1986 and 2000. The Seller had completed a cosmetic upgrade and stabilized operations over the past three years. It has been well maintained and in a good location in the historic College Hill neighborhood within Macon and is one block from Mercer University and Medical Center of Central Georgia. The Seller is concentrating on their core market in Florida. The Buyer, on the other hand, is expanding their Georgia presence. The facility sold for $7,000,000 at a 9.0% cap rate. For additional information on this Personal Care Home sale or on other opportunities to buy or sell your community, contact Brad Clousing of Senior Living Investment Brokerage, Inc. at clousing@slibinc.com or 630/858-2501.

March 16, 2016
Grant Kief

Jason Punzel Hired to Sell Memory Care Facility

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Senior Living Investment Brokerage, Inc. was hired to sell Memory Care Facility in Portland, OR. The transaction consisted of a 30 unit/40 bed Memory Care Facility built in 2010 and expanded in 2013. The facility had a census of 95% at the time of the sale. The memory care facility sold for over $215,000 per unit at a 10% cap rate. There is an additional 1 acre for future expansion. The Seller is a group of local, private owners who also operated the facility. The Buyer is a publicly traded REITthat owns multiple facilities in Oregon and throughout the country. It will be leasing the property to an operator headquartered in California. For information on this transaction or to sell memory care facility, contact Jason Punzel of Senior Living Investment Brokerage, Inc. at punzel@slibinc.com or 630/858-2501

March 15, 2016
Grant Kief

Matthew Alley and Nick Cacciabando Secure Assisted Living Sale

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Matthew Alley and Nick Cacciabando Sells Assisted Living Facility

Senior Living Investment Brokerage, Inc. handled an Oklahoma Assisted Living Sale. The 124 unit Assisted Living sale is located in Oklahoma City and sold at an 8.4% cap rate. The approximately 70,195 square foot building on 4.95 acres sold for $13,750,000. It was built in 2001 with an addition in 2005 and had a census of 77% at the time of sale. The Seller is a private owner/operator exiting the seniors housing business. The Buyer is a non-profit entity in the process of expanding their seniors housing portfolio. The purchase was financed through the issuance of healthcare bonds. For additional information on this Assisted Living Sale, contact Matthew Alley or Nick Cacciabando of Senior Living Investment Brokerage, Inc.

March 14, 2016
Grant Kief

Ryan Saul and Jason Punzel Sell Assisted Living and Independent Living Community

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Jason Punzel and Ryan Saul were recently hired to sell Assisted Living and Independent Living Community in Kansas. Senior Living Investment Brokerage, Inc. procured multiple offers under a competitive bidding framework achieving the best price and terms for the community on behalf of the Seller. The Seller, a subsidiary of a large, national corporate owner/operator, made a strategic decision to sell because it was their only community in Kansas. They will use the proceeds to acquire communities in their core markets. The Buyer intends to invest over $1,000,000 in immediate improvements designed to increase occupancy and enhance the operations over the next several years. The purchase price for the community was $14,750,000. For additional information on how Senior Living Investment Brokerage, Inc can assist you sell Assisted Living and/or Independent Living. Please contact Ryan Saul or Jason Punzel at 630/858-2501.

March 11, 2016
Grant Kief

Jeff Binder and Jason Punzel Sell Skilled Nursing Facility in Wisconsin

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Senior Living Investment Brokerage, Inc. was selected to sell Skilled Nursing Facility in Madison, Wisconsin. The Seller is a national REIT currently divesting non-performing assets. The Buyer is a Midwest based operator of senior living and skilled nursing facilities. They have a significant concentration of skilled nursing facilities in the Madison, Wisconsin area. The building was originally constructed in 1915 with additions in 1964 and 1986 and a major renovation in 2006. The property consists of 63 beds (7 private and 28 semi-private). The building is 32,000 square feet on 1.18 acres. At the time of the sale, the occupancy was 38%. For additional information on how Senior Living Investment Brokerage can help yo buy or sell skilled nursing facility, please contact Jeff Binder at binder@slibinc.com 314/961-0070 or Jason Punzel at punzel@slibinc.com 630/858-2501.Sunnyhill

March 10, 2016
Grant Kief

Senior Living Investment Brokerage Handles Illinois Skilled Nursing Facility Sale

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Ryan Saul and Patrick Byrne of Senior Living Investment Brokerage, Inc. recently handled a Skilled Nursing Facility Sale in Illinois. The Skilled Nursing Facility is located in central Illinois in a rural community 60 miles northwest of Springfield. The property was originally built in 1964 with additions in 1973, 1975 and 1979. The building is approximately 46,354 feet on 6 acres. The sale was precipitated by the passing of the controlling partner. The Buyer owns over 60 communities throughout Illinois. Although the census was only 68%, the quality mix was over 50%. The capitalization rate at the time of sale was 13.85%. For additional information contact Patrick Byrne at 314/961-0070 or Ryan Saul at 630/858-2501.

March 9, 2016
Grant Kief

CCRC Sale in Missouri

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Bradley Clousing, Patrick Byrne and Ryan Saul of Senior Living Investment Brokerage, Inc. recently sold a 195 Unit Continuing Care Retirement Community in north St. Louis County. The 195 Unit/143 Bed CCRC Sale consists of 110 Independent Living Units, 22 Assisted Living Units, 22 Memory Care Units and 41 Skilled Nursing Beds. The asset, built in 1984, 2003 and 2013, was well maintained although the general aesthetic is a bit dated. The Seller is a faith based non-profit which exclusively operates entrance fee communities. The Buyer will focus on rolling back the inflated expenses/benefits. The overall occupancy at the time of sale was 89%. For additional information, please contact Senior Living Investment Brokerage, Inc. at 630/858-2501 or 314/961-0070.

March 8, 2016
Grant Kief

Brad Clousing and Pat Burke Sell Skilled Nursing Facility in Virginia

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Senior Living Investment Brokerage was hired to sell Skilled Nursing Facility in Virginia. Senior Living was able to procure multiple offers and the 300 bed facility sold for $28,500,000 ($95,000 per bed). The community benefits from a quality physical plant featuring private bathrooms in all the resident rooms. Recently, the community enjoyed a significant Medicaid rate increase. Medicaid residents made up approximately 80% of the census while the remaining residents were private pay and Medicare. The census at the time of sale was 95% and the cap rate at the time of sale was 12.7%. The Buyer is a REIT that entered into a long-term lease with an affiliate of the Seller. The transaction will eventually include the adjacent assisted living community which is awaiting TPA approval for the assumption of the existing debt. For additional information on this transaction or how we can assist you in the sale or purchase of your seniors housing community, please contact Bradley Clousing or Patrick Burke of Senior Living Investment Brokerage at 630/858-2501.

March 7, 2016
Grant Kief

Senior Living Investment Brokerage Completes Skilled Nursing Facility Sale

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Toby Siefert, Ryan Saul and Tom Rusthoven recently handled a Maryland Skilled Nursing Facility Sale. The 87 bed Skilled Nursing Facility is 41,139 square feet on 1.89 acres. The census at the time of the sale was 86%. The sale price was $9,100,000 or $105,000 per bed. The favorable price per bed was due to the quality reputation of the facility, the attractive location and Senior Living Investment Brokerage procuring a dozen offers for the Seller. Senior Living Investment Brokerage was able to exceed the Sellers pricing expectations. The Seller was a public REIT in conjunction with a national operator. The REIT and operator made a strategic divestiture due to the size, performance and geographic location compared to their other assets. The Buyer was a partnership between a California investor and a regional operator. For additional information on this sale, please contact Toby Siefert, Ryan Saul or Tom Rusthoven of Senior Living Investment Brokerage, Inc at 630/858-2501.

March 7, 2016
Jason Punzel

When is the Best Time to Sell my Seniors Living Community?

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Should I sell now or wait to improve my community’s performance?  As broker’s we get posed this question often.  The biggest driver of a community’s value is its current net operating income and Cap Rates.   Communities are typically valued be dividing its current net operating income (NOI) by the cap rate.   A cap rate is similar to an interest rate or rate of return and measures investor’s perception of risk in a given asset.   A high cap rate indicates greater risk, and thus a lower value.

Net Operating Income (NOI) /Cap Rate = Value  – (the higher the cap rate, the lower the value)

When a property is not operating at its potential, net operating income is lower than its potential and the value is thus lower.  Many owners think it might make sense to try to improve their community’s NOI and sell in the future.  There are two points an owner needs to consider when thinking about this strategy.  First, is it realistic that their community’s net operating income will increase in the near future without a great deal of change – capital expenditures/remodeling, a new management company, new staff, etc.  Does the owner have the ability, resources and desire to execute these changes?  The community will not simply do better on its own because it may have had success at some point in the past.   The industry is constantly changing and improving, and owners need to also continue to change and improve to keep up.  It is not simply good enough to keep doing what you have done in the past and hope things will improve on their own.  This strategy doesn’t work in any industry.

The second item to consider is where will cap rates be in the future?  Cap rates are greatly influenced by interest rates.   As interest rates rise, so do cap rates, and thus property values decrease.  Although there is not a 100% correlation between cap rates and interest rates, there is a very strong correlation between the two.  Interest rates are very low today, but clearly on the rise.  As the American economy improves and unemployment continues to drop, the Fed will continue to raise short term interest rates.    As interest rates rise, investors return expectations will also rise, resulting in higher cap rates and lower values.

Let’s use an example of a community that is currently producing $600,000/year in NOI and the current cap rate for that type of community is 8%.   To determine the value, the NOI of $600,000 would be divided by .08 to come up with a value of $7,500,000.  However, in this example, the owner is not happy with the value and decides to spend $300,000 on remodeling, hire a new marketing director, and spend more of their own time at the community to help control expenses.   Over the course of two years, the owner increases NOI to $800,000/year.   However, during that time, interest rates increase and now the cap rate for this type of community has increased to 10%.   The new value would be determined by dividing the current NOI of $800,000 by .10, equaling $8,000,000.  Thus, after spending $300,000 in remodeling, the owner has only increased the value by $200,000 after working hard for over two years.  It is also possible, that NOI doesn’t increase at all with a remodel and new marketing director because someone else builds a competing facility close by and saturates the market, or the new marketing director turns out to be worse than the previous one.  Or the Executive Director quits and the owner can’t find a competent new one, or one of the many other challenges that owner’s face every day occurs.

The biggest risk facing owners today who are considering selling in the next several years are rising interest rates.  If a community is not preforming at its optimum, an owner has to realistically assess if they have the ability, time and resources to make the changes needed to truly increase the NOI, understanding there are many outside factors that could inhabit their ability to execute the plan.  The old saying, “A bird in the hand is better than two in the bush” is often true today.

For a complete analysis of what your community is worth, contact Jason Punzel, Senior Living Brokerage, Inc., 630-858-2501 x 233 or punzel@slibinc.com

March 4, 2016
Grant Kief

Senior Living Investment Brokerage Seniors Housing Sale

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Patrick Burke, Brad Clousing and Ryan Saul teamed up for a seniors housing sale of two communities. The first property is a 196 Unit Independent Living Facility built in 1987. The census at the time of sale was 70%. The second property, also built in 1987, had a census of 82% and is a 51 Unit Assisted Living and Memory Care Facility. The Buyer is a private investor based out of Virginia that hired a regional operator to manage the communities. The new operator has a strong track record in Tennessee and plans on using their marketing expertise to improve occupancy at both communities to increase the NOI. The Seller is a regional operator based out of the Southeast. Senior Living Investment Brokerage had previously sold these communities to the Seller. The in-place capitalization rate for both communities was 7.4%. For additional information on this transaction or for a confidential, professional proposal for the value of your community, please contact Ryan Saul, Brad Clousing or Patrick Burke of Senior Living Investment Brokerage, Inc. at 630/858-2501.

March 3, 2016
Grant Kief

Brad Clousing Sells Personal Care Communities in Georgia

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Senior Living Investment Brokerage, Inc. for the sale of two Personal Care Communities. Both were located in the Metro Atlanta, GA market. The first property, built in 1990, is approximately 58,600 square feet and features 62 personal care units. The second property, built in 1993, is approximately 33,405 square feet and features 62 personal care units and was expanded in 2010 to accommodate the addition of 17 memory care units. The Seller was a local non-profit at the direction of the bond holders. Both buildings were managed by a Florida based operator. The Buyer intends on focusing on occupancy and cost control measures utilizing their regional presence and expertise in the Georgia market. The acquisitions fit well into their footprint for a quality addition to their portfolio. The properties sold for $11,000,000 at a 5.0% cap rate. Census at the time of sale was 80%. For additional information, please contact Brad Clousing at 630/858-2501 or clousing@slibinc.com

March 2, 2016
Grant Kief

Nick Cacciabando and Jeff Binder Handle Skilled Nursing Facility Sale

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Senior Living Investment Brokerage, Inc. was recently hired to for a Skilled Nursing Facility sale in Oklahoma. The seller of the 100 bed facility was a local family with over fifty years of experience in the local long term care business. At one time, the family owned three nursing homes in the local market. This was their last long term care asset and they are retiring from the business. The Buyer is a relatively new owner based out of Chicago. They have partnered with a regional operator with several facilities within a fifty mile radius of this property. The 33,550 square foot facility was built in 1985 and had a census of 76%. The property sold for a 8.1% cap rate and a 0.92X EGIM. For additional information contact Nick Cacciabando or Jeff Binder at 314/961-0070.

March 1, 2016
Grant Kief

Matthew Alley of Senior Living Investment Brokerage, Inc. Sells Two Skilled Nursing Facilities

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Matt Alley has sold two Skilled Nursing Facilities in Texas. Both buildings were built in 1968. One facility contains 66 beds is on 1.46 acres and the other has 80 beds on 4.29 acres. The combined census was 49% and the communities were essentially breakeven. The Seller is a Texas owner/operator. The two buildings will be opFor additional information please contact Matt Alley at alley@slibinc.com 630/858-2501.

March 1, 2016
Grant Kief

Patrick Byrne, Jeff Binder and Ryan Saul Team to Sell Skilled Nursing and Residential Care Community

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Senior Living Investment Brokerage, Inc. was hired to sell skilled nursing and residential care community in Kansas City, Missouri. The property consisted of 180 skilled nursing beds and 68 residential care units (105 beds). The facility was originally built in 1979 and 1987 with renovations completed in 2009 and 2010 on the 110,085 square foot building on 14.17 acres. The Seller is a private, local owner and operator that was divesting in order to retire from the business. The Seller had purchased it shortly after it had been decertified and the new owner will complete the task of repositioning the facility. The Buyer is a leading provider of healthcare services headquartered in Illinois outside Chicago. They currently own and operate twenty skilled nursing facilities in Illinois.This was a strategic acquisition to enter a new state. Senior Living Investment Brokerage, Inc. procured seven offers within two weeks of commencing marketing of the property with five of the offers above $12,750,000. The property ultimately sold for above the Sellers expectations by $350,000. The census at the time of the sale was 69% for the SNF and 61% for the RCF. The cap rate was 7.20% with a GIM of 1.3X. For additional information, please contact Senior Living Investment Brokerage, Inc. Patrick Byrne or Jeff Binder at 314/961-0070 or Ryan Saul at 630/858-2501.