SLIB Seals the Deal

Brad Clousing of Senior Living Investment Brokerage successfully sold a 32-unit assisted living community in Dawsonville, Georgia to a private partnership that includes affiliates of Gryphon Senior Living. Also helping to facilitate the deal was the Proprietary Loan Group at Hunt Real Estate Capital, which kicked off its balance sheet lending program with a $6.2 million loan to fund not only the $5.8 million, or $181,250 per unit, acquisition but also an expansion project.

Originally built in 2015 with 32 units and 37 operating beds, the community has been consistently fully occupied and now is set to expand with another 12 private units of either assisted living or memory care. About $1.275 million of the bridge loan will help fund the project. The community currently operates at a 35% margin on over $1.3 million of revenues. A local partnership was looking to exit the asset, and Senior Solutions Management will step in to manage.

 

 

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