The Community
A family-owned business hired SLIB to sell a top-rated Illinois Skilled Nursing community with rehab company, in-house therapists, staffing company and neighboring land parcels included. Built in 1972, The Tillers expanded in 1985 and again in 2008. At contract, overall occupancy was 93% on 100 functional beds. Contract price was $13.5M, but based on a census MAC clause, the final sale price was adjusted by $127,358.
The Process
The Seller was a family-owned business looking to exit the long-term care industry. They hired SLIB upon reaching retirement age, wishing to move on to other endeavors. SLIB leveraged its strong regional database and local expertise to secure an excellent Illinois Skilled Nursing price per bed above $125,000.
The Result
The Buyer was Symphony Post Acute based in Illinois. Symphony had an existing community in the market; with 98% quality mix at The Tillers, this community will be a flagship for Symphony. The Buyer planned an all-private-suite expansion to maintain quality mix and expand the Medicaid program. Because the Buyer group is also a private, family-based organization, it was a great fit for the Seller.
The Tillers
The Community
A family-owned business hired SLIB to sell a top-rated Illinois Skilled Nursing community with rehab company, in-house therapists, staffing company and neighboring land parcels included. Built in 1972, The Tillers expanded in 1985 and again in 2008. At contract, overall occupancy was 93% on 100 functional beds. Contract price was $13.5M, but based on a census MAC clause, the final sale price was adjusted by $127,358.
The Process
The Seller was a family-owned business looking to exit the long-term care industry. They hired SLIB upon reaching retirement age, wishing to move on to other endeavors. SLIB leveraged its strong regional database and local expertise to secure an excellent Illinois Skilled Nursing price per bed above $125,000.
The Result
The Buyer was Symphony Post Acute based in Illinois. Symphony had an existing community in the market; with 98% quality mix at The Tillers, this community will be a flagship for Symphony. The Buyer planned an all-private-suite expansion to maintain quality mix and expand the Medicaid program. Because the Buyer group is also a private, family-based organization, it was a great fit for the Seller.
