Jeff Binder and Patrick Byrne Sell Missouri SNF

Patrick Byrne and Jeff Binder have teamed up to sell a 96 bed Skilled Nursing Facility in Missouri. Located in the north-central region of the state 130 miles from St. Louis, the facility was built in 1987 with an addition in 1992. The one story facility is approximately 27,922 square feet on 4 acres. At the time of sale, the census was 90% with a 26% quality mix. The Seller was a regional owner/operator who is retiring from the long-term care business. The Buyer is a regional provider of seniors housing services based in the St. Louis MSA. The Buyer will look to boost operational and financial performance through local economies of scale and referral relationships. The facility sold for $5,470,000 at a 12.5% capitalization rate. Senior Living Investment Brokerage was able to procure numerous, pre-qualified offers on the Seller's behalf. For additional information contact Pat or Jeff at 314/961-0070.

Jeff Binder and Ryan Saul Team Up to Sell Kentucky SNF

Ryan Saul and Jeff Binder sold an 118 bed Skilled Nursing Facility in Kentucky. Built in 1976, the one story facility is comprised of approximately 36,660 square feet on 2.57 acres. At the time of the sale, the census was 79%. The property had recently been removed from the Special Focus list and the performance had steadily improved through 2010. The Seller, a regional company, sold to focus on their assisted living assets. The Buyer had previously owned/operated in Kentucky but had exited the market in 2006. A local community bank provided the financing. The sales price was $7,800,000 ($66,102/bed). Senior Living Investment Brokerage, Inc. was able to confidentially procure multiple offers from operators throughout the country. For additional information contact Jeff at 314/961-0070 or Ryan at 630/858-2501.

South Carolina SNF sold by Ryan Saul and Brad Clousing

Brad Clousing and Ryan Saul sold a 96 Bed Skilled Nursing Facility in South Carolina. The 39,000 square foot facility was sold by a regional operator based in Georgia. The owner elected to divest the facility to focus on their other facilities. This was their last facility in South Carolina.
With stable cash flow and a limited nmber of skilled nursing facilities that become available on the market in South Carolina, SLIB was able to procure multiple offers. The Buyer, headquartered in the Southeast, owns a portfolio in the Carolinas and will be working with a local operator. The facility sold for a 10.8% capitalization rate. For additional information please contact Ryan or Brad at 630/858-2501.

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 and Brad Clousing Announce Utah CCRC Sale

Brad Clousing and Ryan Saul recently sold a 327 Unit/Bed CCRC in Salt Lake City. The Seller is a not-for-profit health care system headquartered outside Utah. This was their only asset in Utah. The Buyer is a national owner/operator out of California. Brad and Ryan were able to procure 10 offers on the facility. Due to confidentiality, please contact Ryan or Brad at 630/858-2501 for additional information.

Matthew Alley and Jeff Binder Sell Texas CCRC

Jeff Binder and Matthew Alley sold a 142 Unit/178 Bed Continuing Care Retirement Community in Southeast Texas. Constructed in 2001, the community consists of 40 Independent Living Units, 78 Assisted Living and Adult Day Care Beds and 60 Comprehensive Nursing Beds. The 132,487 square foot facility is on 12 acres and census at the time of sale was 94%. The Seller was a local regional medical center and the Buyer is a publicly traded REIT and will be operated by a local regional operator. Senior Living fielded 8 bona fide offers from owner/operators across the country. For additional information please contact Matt or Jeff.

Matthew Alley Sells Texas Portfolio

Matthew Alley sold six skilled nursing facilities in Texas for $68,500,000. The portfolio consisted of 894 skilled beds with 54 assisted living units and 17 independent living units at one of the locations ($76,620/bed/unit). The facilities were at 80% census. The facilities, built between 1986 and 2009, were the last six owned by a regional owner/operator. Matthew had been hired to sell six facilities for this group previously. Because of his success and the relationship, he was hired to sell the remaining properties in the portfolio. For additional information, please contact Matthew at 630/858-2501 or alley@seniorlivingbrokerage.com

Brad Clousing Handles Georgia Skilled Nursing Sale

Brad Clousing has sold a 144 bed skilled nursing facility in an Atlanta suburb. The seller was a local owner/operator and the buyer is a large regional operator. The facility sold for over $83,000/bed at an 11.6% capitalization rate. The 45,347 foot facility was built in 1992 with an addition in 1998. For additional information please contact Brad at clousing@seniorlivingbrokerage.com or at 630/858-2501.

Ryan Saul Sells Another Indiana Facility

Ryan Saul has sold another seniors housing facility in Indiana. The 41 unit Assisted Living Facility is located in Batesville, Indiana. Built in 2003, the 31,551 square foot facility sold for $2,850,000. Over the past ten years, Ryan has sold more seniors housing facilities in Indiana than any other broker or brokerage team. For additional information on this transaction or any other Indiana transaction or facility, please contact Ryan at 630/858-2501 or saul@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.

Senior Living Announces Iowa SNF Sale

Jeff Binder, Ryan Saul and Ross Sanders sold a 102 Bed Skilled Nursing Facility in one of the largest cities in Iowa. Constructed in 1976, the facility is in good condition and is comprised of approximately 29,000 square feet on 2.83 acres. Census was 66% at the time of sale.
The Seller is a for-profit group of investors and they were the original owners of the facility. This was their only long-term care facility.
The West Coast based Buyer owns/operates a number of skilled nursing facilities in both the Midwest and West Coast. The new owners seek to significantly enhance the Medicare census by offering a number of new therapy programs at the facility. The Buyer looks forward to taking advantage of the new Quality Assurance Program/Provider Tax which the State of Iowa implemented in April 2010. Please contact Ross, Ryan or Jeff for additional information.

Why Hire An Exclusive Broker?

If you are anything like me, you would not consider selling your home without the assistance of a trustworthy real estate professional. In our line of business, however, we often encounter owners of Nursing Homes and/or Assisted Living facilities who are reluctant to engage a professional to effectively market their properties. It is surprising that while most people willingly engage an agent in the sale of their home in order to obtain top dollar for their valued asset, others attempt to sell a multi-million dollar business on their own, running the risk of leaving a significant amount of money on the table.

The exclusive representation provided by Senior Living Investment Brokerage (“Senior Living”) creates a value for property owners that far outweighs the fees associated with entering into such an arrangement.

An exclusive representation agreement with Senior Living consists of two basic principles:

1) The owner agrees to sell the property and to list it only with Senior Living.

2) Senior Living commits its full expertise, experience, and resources to aggressively and confidentially market the property and to loyally represent the owner throughout the entire transaction.

Why Engage Senior Living With An Exclusive Agreement To Sell Your Senior Housing/Long-Term Care Community?

1) Confidentiality. When working with multiple brokers, they may not understand the importance of controlling to whom the information is sent and the intricate nature of facilitating confidentiality throughout the marketing process. We only contact potential buyers directly via an initial telephone conversation. Only upon receipt of an executed Confidentiality Agreement is any specific property information disclosed.

2) Higher price. Professional representation by Senior Living, a specialized company, exposes the property to a much larger market of buyers, thus increasing the price by more than the fees.

3) Sends a Message to the Market. Engaging Senior Living sends a strong message to the marketplace that, not only is the owner committed to selling the property, but that the likelihood of a successful closing is better. Therefore, more investors will devote time to the offering and ultimately bid higher on the property.

4) Establishes Pricing Expectations. This saves the owner time, effort and energy in that he or she will not have to fulfill numerous requests for information only to learn that the prospective purchaser’s price expectations are not in line with the current value of the property.

5) It Saves the Owner Time. In addition to promoting the property, Senior Living will minimize the owner’s time involvement by screening and presenting offers, fulfilling information requests, assisting in arranging financing, coordinating inspections and reviewing escrow documents.

Selling a Long-Term Care facility requires professional representation and Senior Living will achieve the highest price for your property. Our commitment to selling only Long-Term Care & Senior Housing and track record of success demonstrate this.

Feel free to contact me with questions at Michael Brundage.

By Michael L. Brundage,
Senior Vice President