Ryan Saul Achieves Record Price for Illinois Skilled Nursing Facility

Ryan Saul has sold a 292 Bed Skilled Nursing Facility in Norridge/Chicago, Illinois. The 99,979 square foot building on 1.36 acres, sold for over $135,274/bed, a record for Illinois. The Seller is a regional owner/operator who plans on focusing his energies on his other skilled nursing facilities in the Chicagoland area. The Buyer is a Chicago based owner that aligned with a local operator to run the property day to day. The overall census at the time of sale was 89% (23% Medicare/13% Private Pay). The price reflected the reputation of the property coupled with the rare opportunity to acquire facilities on the north side of Chicago. The capitalization rate at the time of sale was 8.10% on approximately $24,000,0000 in revenues. Aside from the record price per bed, the transaction took 47 days from listing engagement to closing. For additional information on this transaction or how Ryan can assist you in buying or selling your seniors housing community, contact Ryan Saul at 630/858-2501 or ryansaul@slibinc.com

Jeff Binder and Ryan Saul Sell 6 Property Skilled Nursing Facility Portfolio

Ryan Saul and Jeff Binder were engaged to sell an 824-bed, six facility skilled nursing portfolio in Illinois.  The properties were constructed between 1963 and 1996.  The facilities census in 2012 averaged 74% (14% private pay/15% Medicare payor mix).  Revenues were $45,000,000 and the purchase price was $48,500,000.  The Seller is an owner/operator of long-term care properties in the Midwest.  The Buyer is an Illinois based owner/operator of seniors housing facilities.  The Buyer plans on focusing on improving the overall occupancy and specifically the Medicare census.  An additional benefit for the buyer will be the incorporation of the $3.0 million management fee.  An Illinois bank provided financing.  For additional information, contact Jeff Binder at binder@slibinc.com or Ryan Saul at ryansaul@slibinc.com   

Ryan Saul Sells Illinois SNF for Record Price

Ryan Saul has sold an Illinois Skilled Nursing Facility for over $115,000 per operational bed. Ryan was able to generate the highest price per bed in Illinois through a confidential marketing process that generated multiple offers. He was able to structure a transaction with a short due diligence period and no financing contingency. The facility was built in 1975 and had been in the same family for 34 years. The Sellers plan on retiring from the long term care business. The Buyer is a local non-profit hospital group that owns/operates six hospitals and six nursing facilities in the Chicago area. The facility was a strategic acquisition that provides specialized acute medical services. The rehabilitation center within the facility is nationally recognized and provides state-of-the-art therapy programs that are unmatched within the industry. The Buyer will realize substantial efficiencies and will be acquiring in-place programs that they will be able to develop into their other facilities. The facility was licensed for 231 beds and sold at a 9.5% capitalization rate. For additional information, please contact Ryan Saul at 630/858-2501 or saul@seniorlivingbrokerage.com

Patrick Byrne Sells County Facility in Illinois

Patrick Byrne has sold a 60 Bed Intermediate Care Facility in Southern Illinois owned by a local hospital. The building had negative cash flow due to the employee benefits package and the lack of Medicare certification. In an effort to shield the hospital from further losses, Senior Living worked with the winning bidder to take over operations almost immediately. The new operator was able to obtain Medicare certification and convert the building to a skilled facility prior to close of escrow. The new owner inherits a facility with a strong census a good referal source in the Seller. For additional information, please contact Patrick Byrne at 314/961-0700 or byrne@seniorlivingbrokerage.com

Jeff Binder Handles Illinois SNF Sale

Jeff Binder has sold a 97 Bed Skilled Nursing Facility in Illinois. The facility was built in 1989 and is located approximately 55 miles northwest of Chicago. The Seller was a national operator/joint venture partnership and the Buyer is a regional provider of long-term care services based in the Chicago MSA. At the time of the sale, census was 75% with relatively high cost centers compared to other Chicago MSA (high quality mix) facilities. The sales price was $6,500,000 ($67,010/bed). For additional information, please contact Jeff Binder at 314/961-0070 or binder@seniorlivingbrokerage.com

Ryan Saul Sells Two Illinois Skilled Nursing Facilities

Ryan Saul has sold two skilled nursing facilities in the Chicago suburbs for a local owner/operator. The first facility, located in the western suburbs, is 180 beds and was built in 1976. The second facility is in the south suburbs and was built in 1964/1999. It is 80 beds. The total purchase price exceeded $65,000/bed. Financing was provided by Private Bank. For additional information, please contact Ryan Saul.

Jeff Binder and Patrick Byrne Close Skilled Nursing Facility Transaction in Illinois

Patrick Byrne and Jeff Binder have announced the sale of a 99 bed Skilled Nursing Facility in Southern Illinois. The facility, constructed in 1971, is located in a rural town with a population of approximately 1,000 but draws residents from the entire county. Marketing of the facility was enhanced by assumable HUD debt. The Transfer of Physical Assets took nearly eight months to complete. During the process the facility's performance improved considerably. The Seller is a national owner/operator that acquired the facility in 2006. The Buyer is a regional operator based near the asset that will be able to create some economies of scale by absorbing this property into their current operations.

Patrick Byrne and Ryan Saul Sell Assisted Living Facility in Southern Illinois

Ryan Saul and Patrick Byrne have sold a 29 unit Assisted Living Facility in Metro East St. Louis for almost $100,000 per unit. The Seller had purchased the facilty to take advantage of an expiring 1031 exchange. He had no prior seniors housing experience and the facility struggled as a result. The Buyer is an experienced senior housing owner/operator and is confidentthey will be able to create efficiency within the operations. The facility, built in 1999, was sold with an adjacent lot that the new owners intend to use to expand the facility to 40-45 units. The sales price netted a 6.6% cap. rate. For additional information, please contact Patrick Byrne or Ryan Saul.