Tom Rusthoven and Jeff Binder Represent Seller of ILF

Jeff Binder and Tom Rusthoven represented the Seller of an Independent Living Facility located in the Southwest. The selling entity was a non-profit owner/operator and the Buyer was a regional owner/operator. Although confidentiality was a priority for the Seller, Senior Living was able to procure multiple, qualified offers. Due to the confidential nature of the sale, the entities involved requested Senior Living Investment Brokerage not disclose any additional information. To discuss how we can assist you in the sale of your seniors housing property, please contact us at kief@slibinc.com

Ryan Saul Brokers Indiana CCRC

Ryan Saul sold a 157 Unit CCRC in Evansville, Indiana. The 201,435 square foot building consisted of 80 Independent Living Units, 33 Skilled nursing Beds and 9 Villas on 73 acres. It opened in 1985 with an addition in 1999 (AL). In 2009, the first floor was converted to skilled nursing. The Seller was a not-for-profit trust created by a wealthy community member. The Buyer is a not-for-profit as well that hired an Indiana based operator. The operator will be able to leverage their efficiencies and operating model to improve the financial performance of the CCRC. The sales price was $12,500,000. For additional information, please contact Ryan Saul at 630/858-2501 or ryansaul@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

Toby Siefert and Ryan Saul Complete Skilled Nursing Sale in Pennsylvania

Ryan Saul and Toby Siefert recently sold a 97 Bed Skilled Nursing Facility in Pennsylvania. The Seller was a regional not-for-profit that had engaged Genesis Healthcare to manage the community. The property had bond financing and the hold on the bond was achieved. It was a mutual decision by the owner and the bondholder to divest of the community. The property was not in a core market of the owner or manager. The Buyer was a regional owner with other seniors housing properties in Pennsylvania. The 24,000 square foot building was built in 1967 and 1972 on 0.69 acre. The census at the time of sale was 89.9% Senior Living Investment Brokerage was able to procure multiple offers for the Seller. For additional information, please contact Toby or Ryan at 630/858-2501.

Ryan Saul Sells Another Indiana Skilled Nursing Facility

Ryan Saul has sold a 43 Bed Skilled Nursing Facility in Indiana. The 18,097 square foot property was built in 1960. This facility is unique in that it is one of only three facilities in the country that serves those afflicted with an advanced neurological disorder called Huntington's Disease. This is the only facility in the Midwest that focuses on residents with Huntington's disease and it attracts residents from throughout the Midwest and is supported by Huntington's Disease specialty doctors. The Seller is a non-profit organization based on the East Coast which is strategically divesting of the property to concentrate on their operations in the East. The Buyer is based in Indiana and will continue to cater to HD residents while at the same time improving expenses through economies of scale and will also be enrolled in the IGT (Inter Governmental Transfer) program which will positively impact the cash flow moving forward. At the time of the sale the facility had negative cash flow yet Ryan was able to secure multiple offers. For additional information, please contact Ryan at 630/858-2501 or ryansaul@slibinc.com

Patrick Burke Handles North Carolina Sale

Pat Burke has sold a 21 unit/42 bed Adult Care Home in North Carolina. The 14,000 square foot building is on 13 acres. The Sellers had plans to develop independent living on the site as well. The census was 88% at the time of sale and had a quality mix of 50% private pay and 50% Medicaid. The Buyer of the community is a local non-profit that owns and operates more than a dozen assisted living facilities in North Carolina. The new owner plans on upgrading the building and possibly adding independent living. The sales price was over $75,000/unit. For additional information, please contact Patrick Burke at 630/858-2501 or burke@slibinc.com

Brad Clousing and Patrick Byrne Sell Georgia Skilled Nursing Home

Patrick Byrne and Brad Clousing sold a 160 bed SNF for a local hospital authority.  The 45,000 square foot facility was built in phases between 1968 and 1974 but was well maintained and recently updated.  The facility was operated similar to a hospital and staffed at a level that could not be supported by the margins in the nursing home industry.  Despite the poor financial performance, substantial upside could be found in the existing operations and the foundation was there for a new owner to succeed.  Although it was losing over $400,000/year at the time of the offering, the facility was expecting a substantial Medicaid increase which was expected to reduce the losses soon after closing. 
Within 7 days of the initial offering, Senior Living Investment Brokerage, Inc. was able to procure multiple offers, with several buyers positioned  at the list price.  After a request for best and final offers and an evaluation of the interested parties, AdCare Health Systems was chosen.  The terms of their offer, history of transitioning non-profit facilities and their ongoing working relationship with Senior Living Investment Brokerage, Inc., resulted in the Seller selecting their proposal.  The ultimate sale/closing price was $240,000 over the intitial offering price.  For additional information, please contact Brad Clousing at clouisng@slibinc.com or Patrick Byrne at byrne@slibinc.com 

Bradley Clousing and Ryan Saul Sell Alabama SNF and Medical Office Building

Ryan Saul and Brad Clousing sold a 117 Bed Skilled Nursing/25 Bed Inpatient Rehab Facility in Alabama. Also included in the transaction was a free standing administrative/medical office building. Both buildings were located on the same 12 acre parcel of land. The SNF just received Medicaid certification in 2010 helping with the recent surge in census. The Seller is a local non-profit which will maintain offices in the administaration building to focus on their PACE, Home Health and Hospice businesses. The Buyer is an operator of a large portfolio of facilities across the U.S. although this is their first asset in Alabama. For additional information, please contact Brad Clousing or Ryan Saul at 630/858-2501.

Patrick Byrne and Jeff Binder Sell Missouri Assisted Living Facility

Patrick Byrne and Jeff Binder sold a 40 Bed/28 Unit Assisted Living Facility located in Saint Louis County. Originally constructed a short-term rehabilitation facility, it was purchased and renovated into an assisted living facility by a non-profit organization affiliated with a Catholic based organization. In recent years, the funding for the facility had diminished and a decision was made to close the facility in June, 2011. Senior Living was tasked with repositioning and marketing a vacant building which had lost value upon closure. After only 3 weeks of marketing, Senior Living identified 3 bidders on the property. The Buyer intends on reopening the facility after some minor physical plant changes and redecorating. The Buyer will focus on the private pay market. Built in 1984 and located in a working class community, the 17,864 square foot facility sold for $1,200,000 or $30,000/bed. For additional information, please contact Pat or Jeff at 314/961-0070.

Ryan Saul Announces Sale of Connecticut Skilled Nursing Facility

Ryan Saul has sold a 150 bed Skilled Nursing Facility for a not-for-profit hospital organization. Ryan was able to secure a Buyer that not only met the mission and operational values of the Seller, but was also financially qualified to complete the transaction. This was the only long-term care facility the hospital system owned. Although the census was strong, the facility's heavy expenses more closely resembled a hospital resulting in a large operating loss. The Buyer is a regional owner/operator which utilized Sabra REIT for the acquisition. The Buyer is an experienced Connecticut operator and specializes in turn-around opportunities. The census at sale was 90% with a 37% quality mix. For additional information, please contact Ryan Saul at 630/858-2501 or 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

Ryan Saul Sells Indiana Not-For-Profit SNF

Ryan Saul has sold another Indiana Skilled Nursing Facility. This is the fourth skilled nursing facility Senior Living Investment Brokerage sold for the regional not-for-profit owner/operator. The Seller focuses on hospitals and operates seniors housing when it compliments it's existing hospital campuses. Senior Living was able to procure a Buyer that not only met the mission and operational values of the Seller, but was also financially qualified to complete the transaction. The facility is an 177 bed SNF in Northern Indiana and was operating at a loss. The Buyer purchased the facility and immediately leased it to an operator that runs 59 facilities in Indiana. For additional information, contact Ryan at 630/858-2501 or at saul@seniorlivingbrokerage.com