Patrick Byrne and Bradley Clousing Sell Alabama Assisted Living and Skilled Nursing Community

Brad Clousing and Patrick Byrne recently sold a 125 bed skilled nursing facility and a 30 unit assisted living facility in Northwest Alabama. The property has been family owned and operated since it opened and was currently being operated by the owner's second generation. This is the only skilled nursing asset in the family's portfolio. The community was built in stages beginning in 1976 with additions in 1991, 1993 and 1998. A majority of the 74,140 square foot property(s) was renovated in 2013. The community is a CMS 5-Star rated facility with over 30% Medicare mix. In the Fall of 2013, the city experienced a Legionella event which impacted the nursing/assisted living facility. Management implemented a self imposed admissions ban affecting the census and expenses. Despite these challenges, Senior Living Investment Brokerage, Inc. was able to procure five qualified offers on the property in two weeks. The buyer is a New York based investment group and has entered into a lease with a national operator. The financing was provided by CapitalSource. For additional information, please contact Pat Byrne at byrne@slibinc.com or Brad Clousing at clousing@slibinc.com

Brad Clousing and Jeff Binder Sell Alabama 116 Unit Seniors Housing Community

Jeff Binder and Brad Clousing recently sold a seniors housing community in Alabama that consisted 68 independent living units, 32 assisted Living units and 16 memory care (SCALF) units for $20,000,000. The 129,000 square foot building was constructed in 2000/2002. The community's financial performance has been stable over the past 12 months and the census has remained steady at 95% or better. The community is located on approximately 20 acres and offers the new owner the opportunity to expand. The Buyer, an institutional owner/operator, assumed the existing FNMA insured debt(70% LTV/6.47% interest rate). The Buyer elected to assume the debt given the approximate prepayment/yield maintenance penalty of $2.75 million. The loan matures June 2018. The Seller is a local partnership exiting the seniors housing industry. The Buyer is a national operator expanding their footprint within Alabama. For additional information contact Brad Clousing at clousing@slibinc.com or Jeff Binder at binder@slibinc.com

Brad Clousing and Jeff Binder Sell 62 Unit Seniors Housing Community in Alabama

Jeff Binder and Brad Clousing sold a 62 unit seniors housing community consisting of 15 independent living cottages, 35 assisted living units and 12 memory care/SCALF units. The community benefits from being the largest facility in Walker County and the only facility in the area offering memory care services. This is the only facility the Seller operates in Alabama and was divesting of the asset in order to deploy capital to other projects and consolidate operations. The property was built in stages in 1998/2004/2006 and census averaged 94%. Senior Living Investment Brokerage, Inc. was able to generate national interest in the community. Multiple offers were procured and a national REIT was selected as the Buyer. The property will be run by a regional operator based in Florida- this is their second building in Alabama. The community sold for $7,000,000 at an 8.50% capitalization rate. For additional information, please contact Brad at clousing@slibinc.com or Jeff at binder@slibinc.com

Bradley Clousing, Ryan Saul and Matthew Alley Handle Alabama Portfolio Sale

Senior Living Investment Brokerage, Inc. sold four facilities on two separate campuses for Mercy Medical, a local non-profit. Mercy Medical has been strategically divesting their assisted and skilled nursing assets to focus on their hospice and PACE programs. Senior Living Investment Brokerage assisted Mercy Medical in the sale of all seven of their assisted living and skilled nursing assets. These four assets are located on two different campuses, one in Daphne, Alabama, and one in Fairhope, Alabama. The Daphne site is approximately 37 acres and consists of a 60 unit ALF and a 64 unit Memory Care- SCALF. The facilities were built in phases between 2001 and 2005. The Fairhope site sonsists of a 95 unit ALF (1987-2002) and an 18 unit ILF villa community built in 2005. The Buyer assumed $2.0 million in projected life-care contract liabilities and also assumed a long-term ground lease as part of the transaction.
The Buyer was a joint venture between a regional operator from Texas and a REIT. The census at the time of sale was 70%. The sales price was $19,300,000 ($81,435/unit) at a 7.65% cap rate. For additional information, please contact Matt Alley, Ryan Saul or Brad Clousing at 630/858-2501.

Ryan Saul and Brad Clousing Sell ALF/SNF in Alabama

Brad Clousing and Ryan Saul sold a 50 unit Assisted Living/20 bed Skilled Nursing Facility for a large non-profit corporation based in Alabama. The 46,000 square foot home was built in 1994. The 20 bed SNF is housed in a separate wing, has all private rooms and is only certified for Medicare, not Medicaid and is typically full. The assisted living wing averages occupancy of 65% and has a unit mix of 32 studios, 8 suites and 10 one bedrooms. The Buyer is a regional operator out of Alabama and utilized conventional financing through a local bank.