Brad Clousing of Senior Living Investment Brokerage continued his busy month by facilitating, with Patrick Byrne, the sale of three skilled nursing facilities in Florida. Totaling 436 beds, the properties included a 155-bed skilled nursing facility in Clewiston that was built in 1978 with an addition in 1995 and renovations in 2005 and 2012, a 185-bed facility in Lakeland built in 1960 with renovations in 1980, 1990 and 2014, and a 96-bed facility in St. Petersburg that was built in 1946 and 1964 with a recent renovation. Overall occupancy was 85%. The real estate and operations were sold separately, as the operations sales was the result of a Chapter 11 bankruptcy. Combined, the purchase price was $39.85 million, or $91,400 per bed, with a 9.8% cap rate. The real estate seller was an Illinois-based private investment group. The buyer, a partnership between an Illinois-based owner/operator and an Ohio-based capital group, plans to improve margins, decrease bad debt write-offs and improve Medicare census. CapitalSource, a division of Pacific Western Bank, and Contemporary Healthcare Capital provided acquisition financing.
Clousing Closes
