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 Sells Florida Hotel Conversion

Brad Clousing recently sold a hotel located in Deland, Florida, that was purchased by a partnership consisting of a private equity group and a local operator with plans to convert the asset to an assisted living community. The hotel was originally constructed as a Hilton Hotel and Conference Center and is currently operating under the Clarion flag. The large resident room floor plans, common area amenities and restaurant style dining facilities will provide for an easy transition/conversion. The hotel was built in 1986 and consists of 148 resident rooms and 140,000 square feet. For additional information, please contact Brad Clousing at 630/858-2501 or 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 Notches Another Florida Sale

Brad Clousing sold a 58 unit Assisted Living Community in Tampa, Florida. The building was constructed in 1984 and 1986 and is approximately 26,840 square feet.. It features 40 units with shared bathrooms and 18 resident units with private bathrooms. All of the 58 units have capacity for two residents. Although many of the residents are private pay, a significant percentage of residents are reimbursed through the Med Waiver/Diversion program. The Seller is primarily a skilled nursing operator and is planning on focusing on core operations in the skilled nursing sector. The Buyer is a regional owner/operator that is expanding their footprint in Florida. For additional information, please contact Brad at clousing@slibinc.com or 630/858-2501.

Brad Clousing Sells Another Florida Assisted Living Community: $26,600,000

Brad Clousing has sold an 89 unit Assisted Living Community in Florida for $26,600,000/$298,876 per bed. The property is adjacent to The Villages, Florida. The purpose built community was constructed in 2010 and has land available for expansion with plans in place for an additional 59 units. The current configuration of the building provides for 69 assisted living units and 20 memory care units. The 74,112 square foot community boasts many high-end finishes such as granite countertops in the units, expansive common areas and well appointed courtyards. The floor plan consists of studio and one bedroom units ranging from 345 to 619 square feet. Within 3 weeks of commencing marketing, Senior Living Investment Brokerage was able to procure 5 offers to purchase this community from "top tier" institutional buyers. The asset was encumbered by approximately $11 million HUD insured financing, which was paid in full at closing. The buyer and seller split the pre-payment penalty which was approximately 7% of the loan balance. The census at the time of sale was 96% and the property sold for a 7.5% cap rate. For additional information, please contact Brad Clousing at 630/858-2501 or clousing@slibinc.com

Tom Rusthoven and Brad Clousing Sell Three Assisted Living Communities in Michigan

The three Assisted Living Communities are located within a mile of each other in Southeast Michigan. The buildings, constructed in 1985 and 1992, have a total of 78 units. One of the buildings is dedicated to memory care services. The transaction sold at an 11.9% capitalization rate for over $68,000 per unit. The Buyer is a regional owner operator planning to implement additional marketing resources to neighboring Ohio residents as a means to increase census from the current 65%. For additional information, please contact Tom Rusthoven at rusthoven@slibinc.com or Brad at clousing@slibinc.com or 630/858-2501.

Brad Clousing and Jeff Binder Sell Two Residential Care Communities in Arkansas

Jeff Binder and Brad Clousing were selected to assist in the disposition of 2 Residential Care Facilities in Arkansas. Located approximately 85 miles from each other in the northern region of the state, the two communities offer a combined total of 102 units. Both buildings were constructed in 1997 and each consist of 51 units (45 private and 3 semi-private). Each building is on approximately 4.5 acres. At the time of the sale, the combined census had stabilized at 62%. The Seller was two separate but related entities. The Buyer is a regional owner/operator based in Missouri. They plan on increasing the license to Level II which will provide for additional reimbursement and census enhancement opportunities. For additional information, please contact Brad Clousing at clousing@slibinc.com or Jeff Binder at binder@slibinc.com

Brad Clousing and Patrick Burke Sell a Florida Assisted Living Community

Brad Clousing and Patrick Burke recently sold a 50 Unit Assisted Living Community in Naples, Florida. The transaction was subject to the assumption of an approximately $3.3 million HUD loan and replacement reserve balance. The sale price of the 1997 building was $5,600,000. The census at the close of escrow was 80% and the cap rate was 3.7%. The Seller was a partnership based in Naples and operated by a related entity. The Buyer was a Memphis based partnership and will be operated by a Florida based management firm. The Buyer intends to improve census and operating margins through a dedicated focus on memory care. For additional information on this or other Senior Living Investment Brokerage transactions, please contact Brad at clousing@slibinc.com or Patrick at burke@slibinc.com 630/858-2501

Brad Clousing and Matt Alley Represent Seller of Alabama ALF/MC Community

Matt Alley and Brad Clousing sold a 27 unit Assisted Living/15 unit Memory Care (SCALF) Community in Jacksonville, Alabama. The building is approximately 26,500 square feet on approximately 4.6 acres and was built in 2009. The site offers an expansion opportunity and the Seller has an active CON for an additional 9 SCALF beds that are not being utilized. The Buyer intends on expanding the building with a new separate secured memory unit and potentially adding cottages to the site. The Seller is a local partnership that is exiting the industry. The Buyer is a regional owner/operator and this is their first acquisition in Alabama. The asset was at 79% occupancy at the time of sale and sold for a 7.3% capitalization rate. For additional information, please contact Brad at clousing@slibinc.com or Matt at alley@slibinc.com 630/858-2501

Brad Clousing and Jeff Binder Sell Two Georgia Personal Care Homes

This transaction consisted of 2 personal care homes located approximately 40 miles from each other. The first community is comprised of 94 personal care units, 22 of which are memory care units, and it is licensed for 105 beds. The building was originally constructed in 1997 but underwent renovations in 2001, 2006 and 2008. The 48,905 square foot building offers a variety of unit options and amenities. The second community is a personal care home that features 59 units and is licensed for 70 beds. The building was constructed in 2008 and is 43,201 square feet. This community also offers a variety of unit options and common area amenities. It also benefits from limited competition in the area. The Seller is a local owner/operator that developed both of the assets. The Buying entity is a partnership between a publicly traded REIT and their affiliated national operator. Both facilities were trending towards 90-95% occupancy at the time of closing. The sales price was $19,000,000 ($124,837/unit) which was an 8.0% capitalization rate. For additional information please contact Jeff Binder at binder@slibinc.com 314/961-0070 or Brad Clousing at clousing@slibinc.com 630/858-2501.

Brad Clousing and Ryan Saul Sell Georgia Personal Care/Memory Care Community

Ryan Saul and Brad Clousing sold a Personal Care and Memory Care community in Oakwood, Georgia. Oakwood is located in the northern portion of the Atlanta MSA. It was built in 1998 and underwent an extensive renovation and additional units were added at this time bringing the total square footage to 36,766. Census at the time of sale was 92%. The Buyer is an institutional owner/operator. It was a cash purchase with the intent of placing FNMA debt on the asset. The Seller was a local owner that used a third party manager. The purchase price was $11,750,000. For additional information please contact Ryan at ryansaul@slibinc.com or Brad at clousing@slibinc.com 630/961-2501

Clousing, Saul and Binder Sell Georgia Assisted Living/Memory Care Community

Brad Clousing, Ryan Saul and Jeff Binder teamed together to sell a 93 unit Assisted Living/Memory Care community in north central Georgia. The community consisted of 74 assisted living units and 19 memory care units on 15 acres. The community consists of 2 buildings, built in 2011 and 2012, an additional 20 unit expansion permitted and graded overlooking a private lake. The property leased up ahead of schedule and was fully stabilized by April of 2013. The Seller is a local developer of which this was their first seniors housing development. The Buyer is a national REIT and the asset will be operated by their affiliated operating company. Senior Living Investment Brokerage was able to procure a sale price of $236,833 per unit at a 7.5% capitalization rate.

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

Brad Clousing and Ryan Saul Procure a Buyer for Two Florida Skilled Nursing Facilities

Ryan Saul and Brad Clousing recently sold 2 Skilled Nursing Facilities in Northern Florida. Both facilities have solid reputations and have achieved at least a 40% Medicare mix since 2007. One facility is 60 beds and was developed by the Seller in 1999. The other property is 90 beds originally built as 60 beds in 1993 with a 30 bed Medicare addition in 2007. The dedicated Medicare wings at both locations contribute to the strong financial performance and high Medicare census. The Seller is a Florida based owner/operator. The Buyer is an investment group that leased the operations to a national provider. Senior Living Investment Brokerage sold the two properties for $139,000/bed. To find out how we can assist you in the sale of your seniors housing community, contact Ryan or Brad at 630/858-2501 or ryansaul@slibinc.com or Brad at clousing@slibinc.com

Brad Clousing Facilitates Florida Assisted Living Sale

Brad Clousing sold a 129 unit Assisted Living Community in St. Petersburg, Florida.  The building was originally built as a hotel in 1971.  In 1995 it was renovated and converted to an assisted living facility.  It was again substantially renovated in 2005.  The facility was unable to survive the high leverage placed on it in 2007 and was foreclosed on by the syndicate of lenders.  The facility has been closed but the new owners plan on upgrading the building.  Because of the large resident rooms, good condition and favorable location, the project will re-open as an ALF.  The Buyer is a regional owner/operator of assisted living and has had success with hotel conversions to seniors housing.  They plan on investing significant capital to upgrade and rebrand the facility.  The demand within the primary market area is very strong and the facility will serve a needed niche.  Once it opens, the facility will compete well with other communities in the market and it is anticipated the asset will reach stabilization within 3 years.  For additional information, please contact Brad Clousing at 630/858-2501 or clousing@slibinc.com    

Senior Living Investment Brokerage Sells Nebraska Assisted Living Community

Jeff Binder, Brad Clousing and Ryan Saul teamed together to sell a Nebraska Assisted Living Community for $6,600,000.  It is a purpose built (2002/2005), quality facility offering a mix of assisted living and memory care units.  The facility is also set up to accept Medicaid residents.  Although the occupancy in 2011 struggled, it has historically done well and recovered in 2012.  The Seller was a partnership with plans to redeploy capital to other uses.  The GP owns assets in other states and plans on focusing his attention and resources on those assets.  The Buyer sees significant upside in the facility and has other operations in the region.  They will focus on increasing the private pay occupancy.  There is an additional 1.5 acres of land adjacent to the facility to develop independent living units or expand the existing AL/MC.  For additional information contact Jeff Binder at 314/961-0070 or Brad and Ryan at 630/858-2501.  www.slibinc.com

Siefert, Clousing and Binder Team up to Sell Two ALF/ILF Campuses

Jeff Binder, Brad Clousing and Toby Siefert have sold 2 Independent Living and Assisted Living campuses in Pennsylvania.  Both campuses offered a mix of personal care and memory care units.  In addition, one of the sites had privately owned, two bedroom cottages while the other site has independent living units and owner occupied  condominiums.  The campuses have a total of 184 units and current census was 85%.  The properties sold for over $100,000/unit at an 8% capitalization rate.  The facilities are both located in desirable markets with strong demand for quality, purpose built seniors housing.  The Sellers, a local group, had decided to retire and this was their only senior housing assets.  Senior Living Investment Brokerage was hired for their reputation and ability to maintain confidentiality throughout the sales process.  Senior Living was able to procure multiple qualified offers on the properties.  The Buyer is a regional owner/operator with plans to continue to grow their operating presence in Pennsylvania.  For additional information, please contact Toby Siefert or Brad Clousing at 630/858-2501 or Jeff Binder at 314/961-0070. 

Brad Clousing, Jeff Binder and Ryan Saul Sell Florida ALF Portfolio

Senior Living Investment Brokerage, Inc. sold 4 Assisted Living Facilities in Florida.  Three of the facilities were located near each other offering complementary services.  The fourth facility is located in an area where there is a high demand for assisted living services.  The overall census was 89% for the 165 units.  The facilities were built in 1984, 1991, 1993 & 1996.  The Buyer was a REIT who entered into a long term lease with a regional operator.  The portfolio sold for $14,100,000 which translated into a 9.67% capitalization rate.  For additional information, please contact Brad at clousing@slibinc.com, Jeff at binder@slibinc.com or Ryan at ryansaul@slibinc.com    

Congratulations

Congratulations to Senior Living Investment Brokerage's Top Brokers of 2012 and to another record setting year.
Ryan Saul, Jeff Binder, Matt Alley, Bradley Clousing, Patrick Byrne and Toby Siefert.  Congrats and good luck in 2013.

Brad Clousing and Patrick Byrne Sell Georgia Skilled Nursing Home

Patrick Byrne and Brad Clousing sold a 160 bed SNF for a local hospital authority.  The 45,000 square foot facility was built in phases between 1968 and 1974 but was well maintained and recently updated.  The facility was operated similar to a hospital and staffed at a level that could not be supported by the margins in the nursing home industry.  Despite the poor financial performance, substantial upside could be found in the existing operations and the foundation was there for a new owner to succeed.  Although it was losing over $400,000/year at the time of the offering, the facility was expecting a substantial Medicaid increase which was expected to reduce the losses soon after closing. 
Within 7 days of the initial offering, Senior Living Investment Brokerage, Inc. was able to procure multiple offers, with several buyers positioned  at the list price.  After a request for best and final offers and an evaluation of the interested parties, AdCare Health Systems was chosen.  The terms of their offer, history of transitioning non-profit facilities and their ongoing working relationship with Senior Living Investment Brokerage, Inc., resulted in the Seller selecting their proposal.  The ultimate sale/closing price was $240,000 over the intitial offering price.  For additional information, please contact Brad Clousing at clouisng@slibinc.com or Patrick Byrne at byrne@slibinc.com