A skilled nursing facility near Minneapolis, Minnesota, found a new owner with the help of Bob Richards of Senior Care Realty. The facility, built in 1965 and featuring more than 75 beds, was operating around breakeven on approximately $6.5 million of revenues. It was occupied in the low-60s at the time of the deal, so there is certainly room for improvement for a new owner.
The seller, a mom & pop, listed the facility at the end of 2023, which is when the facility came under LOI, before it finally sold this month. The offering price was $5 million, but we believe the facility sold for under that. The buyer was an owner/operator with other facilities in the state that used a conventional bank loan to finance the deal.
