Ryan Saul Represents Indiana Assisted Living/Memory Care Facility Seller

Ryan Saul has sold a 58 unit Assisted Living/30 unit Memory Care community in Fort Wayne, Indiana.  The Seller, a multi-family housing owner, partnered with a skilled nursing operator to develop this state-of-the-art, 82,000 square foot AL/MC community.  The Seller made a strategic decision to sell in order to focus on his core business of multi-family housing.  In addition, he decided to take advantage of the strong seniors housing market.  The Buyer, a regional owner/operator, sees significant untapped potential in this community.  The Buyer intends to implement the Medicaid Waiver program, trim staffing and increase operating efficiencies.  The facility was operating at over 97% census and sold for a 7.06% capitalization rate/$131,250 per unit.  For additional information, please contact Ryan Saul at 630/858-2501 or ryansaul@slibinc.com 

Siefert, Clousing and Binder Team up to Sell Two ALF/ILF Campuses

Jeff Binder, Brad Clousing and Toby Siefert have sold 2 Independent Living and Assisted Living campuses in Pennsylvania.  Both campuses offered a mix of personal care and memory care units.  In addition, one of the sites had privately owned, two bedroom cottages while the other site has independent living units and owner occupied  condominiums.  The campuses have a total of 184 units and current census was 85%.  The properties sold for over $100,000/unit at an 8% capitalization rate.  The facilities are both located in desirable markets with strong demand for quality, purpose built seniors housing.  The Sellers, a local group, had decided to retire and this was their only senior housing assets.  Senior Living Investment Brokerage was hired for their reputation and ability to maintain confidentiality throughout the sales process.  Senior Living was able to procure multiple qualified offers on the properties.  The Buyer is a regional owner/operator with plans to continue to grow their operating presence in Pennsylvania.  For additional information, please contact Toby Siefert or Brad Clousing at 630/858-2501 or Jeff Binder at 314/961-0070. 

Brad Clousing and Ryan Saul Sell Louisiana Assisted Living Facility

Ryan Saul and Brad Clousing have sold a 77 unit Assisted Living Facility north of New Orleans. Senior Living Investment Brokerage, Inc. fielded multiple offers and created a confidential, competitive market to achieve a top-of-the-market price. Constructed in 2009, the facility reached stabilization in 2010 and maintains a strong census. the 77 unit facility consists of 27 studio units and 50 one bedroom units. The Seller is a local real estate owner and this was his only Seniors Housing asset. The Seller made a strategic divestiture to take advantage of the strong market after following a number of completed transactions by Senior Living Investment Brokerage, Inc. The Buyer is an investor in Seniors Housing based in Kentucky with operations in Michigan. Through their marketing efforts, Ryan and Brad were able to negotiate a purchase price of $11,000,000 ($142,857/unit) at a 7.36% capitalization rate. For additional information, please contact Brad or Ryan at 630/858-2501.

Matthew Alley Sells Another Texas Skilled Nursing Facility

Matt Alley sold a 154 Bed Skilled Nursing Facility in in West Texas. Even though the facility had negative cash flow, Matt was able to procure multiple offers on the facility and close the transaction with a Buyer from California. The new operator intends to modify the marketing campaign to increase census and focus on expense management to improve the facility's financial performance. The facility was built in the 1970's and is in fair condition. For more information please contact Mattat 630/858-2501 or alley@seniorlivingbrokerage.com

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 Baxter Joins Senior Living Investment Brokerage

Jeff Baxter has joined Senior Living Investment Brokerage as a Senior Associate. Jeff will focus on seniors housing sales in the Southwest. Prior to joining Senior Living, Jeff began his career working in Private Client Services for UBS Financial Services Inc. Since 2005 he has served his alma mater, Wheaton College (IL) as Director of Principal Gifts, structuring numerous capital and endowment gifts of $1 million+ as part of their most recent $260 million campaign. Jeff earned his BS in Business and Economics from Wheaton College in Wheaton, IL. Jeff can be reached at 630/858-2501 or baxter@seniorlivingbrokerage.com

Ryan Saul and Brad Clousing Sell ALF/SNF in Alabama

Brad Clousing and Ryan Saul sold a 50 unit Assisted Living/20 bed Skilled Nursing Facility for a large non-profit corporation based in Alabama. The 46,000 square foot home was built in 1994. The 20 bed SNF is housed in a separate wing, has all private rooms and is only certified for Medicare, not Medicaid and is typically full. The assisted living wing averages occupancy of 65% and has a unit mix of 32 studios, 8 suites and 10 one bedrooms. The Buyer is a regional operator out of Alabama and utilized conventional financing through a local bank.

Sale of CCRC Announced

Nick Cacciabando and Jeff Binder have sold a CCRC in Kansas for a national owner/operator. The campus is comprised of a 140 bed Skilled Nursing Facility, a 37 unit Assisted Living Facility and 82 units of Independent Living. The property was originally developed in 1988 and underwent extensive remodeling/renovation in 2006 and 2007. The impact of these improvements are being realized in the steadily improving financial and census reslts since completion. Census at the time of sale was 95% and the property sold at a 9% cap rate.

The Buyer is a Real Estate Investment Trust (REIT) which owns senior living properties throughout the United States.

More Financing Options for Buyers

A recent Seniors Housing audio conference presented by Irving Levin revealed that HUD Lean Section 232 financing is becoming one of the few options available in this difficult lending market. Buyers looking to acquire long-term care facilities are encouraged by the non-recourse, 35 year terms. So far, Seniors Housing has been insulated from the major turmoil in the Real Estate market. Many lenders are actively looking for quality opportunities to place bridge money that can be taken out quickly. The "new" HUD Lean Section 232 program meets that demand and has achieved funding 82 days from application of average. Senior Living Investment Brokerage, Inc. can put Buyers in touch with lenders that specialize in the HUD financing. Our value added service is helping Sellers achieve their investment objectives in today's market. Contact me via Email at Ryan Saul for more information.


Ryan Saul
Managing Director
Senior Living Investment Brokerage, Inc.