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

Patrick Byrne of Senior Living Investment Brokerage Sells Illinois Assisted Living Community

Patrick Byrne has sold a 65 unit assisted living community in Illinois located approximately 40 miles outside St. Louis. The facility opened in 2004 with much success. In 2008 the addition opened in the height of the recession and struggled before ultimately filling by offering "life contracts" to new residents. The facility census stabilized but the margins suffered due to below market rents. In recent years the margins began to improve as units leased at below market rates turned over. The Seller was a local group of investors. The Buyer was American Realty Capital who retained Meridian Senior Living as the operator. The census at the time of sale was 95.4% and the cap rate was 8.18%/3.67 GIM on annualized financials. For additional information contact Pat Byrne at 314-961-0070 or byrne@slibinc.com

Patrick Byrne Sells Illinois Skilled Nursing Facility

Patrick Byrne sold a 75 bed skilled nursing facility in Coulterville, Illinois, a small town 50 miles east of St. Louis. The 28,606 square foot building was built in 1999 on 0.83 acres and sold for almost $60,000/bed. Originally developed by a non-profit organization, the property struggled financially. Sold to a for profit owner, they were able to stabilize the property, improve operations(91% census at the time of sale). Despite being profitable, Illinois' delay in Medicaid reimbursement and poor rates, led the owner to pursue a sale. Although the Medicaid rate is $101.09 and Illinois is approximately 6 months behind in reimbursement, Senior Living Investment Brokerage, Inc. was able to procure three strong offers within 10 days. The ultimate Buyer was a regional operator from Missouri. For additional information on this transaction, please contact Pat Byrne at 314/961-0070 or byrne@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    

Pat Byrne Leases a Missouri Skilled Nursing Facility

Patrick Byrne has leased a 76 Bed Skilled Nursing Facility in north Saint Louis County.  As part of the lease agreement, a purchase option was executed as well.  The facility has always stood out as one of the area's best providers and boasts a quality physical plant to complement it's great reputation.  Located in a middle class municipality, the facility has historical census ove 90% with an emphasis on Alzheimer care.  The Lessee is based in St. Louis but lacked a presence in this market.  This offered a strategic acquisition near their home office.  For additional information, please contact Pat Byrne at 314/961-0070 or byrne@slibinc.com