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

Jeff Binder Presents at the HUD Kaizen in Washington, DC

Jeff Binder was one of three industry participants invited by the Department of Housing & Urban Development, Office of Healthcare Programs to spend two days in Washington participating in their Kaizen. Binder spent much of the first afternoon presenting an overview of the current M&A market for seniors housing & long-term care properties. He pointed to Senior Living Investment Brokerage, Inc.'s participation in well over 100 transactions over the past three years as the foundation for the depth of the analysis and wide-ranging market statistics he was able to profile. Over the remaining time Jeff was in Washington, he participated in a round table discussion with the Office of Healthcare Programs employees to discuss HUD policy related to their various senior housing and long-term care programs.