Helios Healthcare Advisors handled the sale of an independent/assisted living community in Lockport, New York, a suburb of Buffalo. Consisting of 40 AL units in one building and the remaining 24 IL units across 12 duplexes, the campus was originally built in 1989 by a group of local businessmen, who are the current seller. Historically, occupancy has remained above 90%, with a 100% private pay census. Its financial performance wasn’t bad either, with north of $500,000 of EBITDAR on nearly $2.1 million of revenues.
But as many communities felt across the country, state-mandated lockdowns hit and took a serious toll on both census and cash flow, the latter being closer to breakeven by closing. A not-for-profit based in western New York will take over and begin the recovery process, paying $5.865 million, or $91,600 per unit. Bill Janis and Mario Wilson of Helios helped them navigate New York’s license transfer process and quickly closed the sale.