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 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

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    

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    

Brad Clousing and Ryan Saul Handle Florida ALF Sale

Ryan Saul and Bradley Clousing sold a 63 unit Assisted Living and Memory Care Facility in central Florida.  The facility, constructed in 2010, is located adjacent to The Villages, a premier retirement community with over 80,000 residents ages 55 and over.The facility was constructed under the HUD 232 program.  Since opening in 2010, the facility has steadily improved to over 80% occupancy.  The improving census combined with the location and newer construction, should make this a successful investment for the new owners.  For addisitional information, please contact Brad or Ryan at 630/858-2501.

Brad Clousing Sells 168 Unit Florida Assisted Living Facility

Bradley Clousing sold a 169 unit Assisted Living/Memory Care Facility located in the St. Petersburg/Tampa Bay MSA.  The facility was built in 2010 and consists of 168 units/218 beds and 8 commercial suites.  The facility has enjoyed a steady lease-up to over 80% occupancy since opening and outpacing the initial projections.  The facility had existing assumable, non-recourse HUD debt with favorable terms.  For additional information on this transaction or information regarding the Florida seniors housing market, contact Brad Clousing at 630/858-2501 or clousing@slibinc.com