Another Rural SNF Owner on the Way Out
It’s getting tougher and tougher for operators of rural skilled nursing facilities, particularly those single-asset owners. It’s a more complex and expensive business to operate these days, and with lengths of stays dwindling and acuities rising, it’s not getting any simpler. There were a lot of these deals this year, and we can’t blame any of these owners for exiting the industry altogether. One such transaction saw a not-for-profit board made up of local community members sell their only senior care campus in Marshall, Illinois (just over the border from Terre Haute, Indiana). Ryan Saul of Senior Living Investment Brokerage led the deal. Originally built in 1963 with additions and... Read More »
SLIB Sells Atrium Health Portfolio
Ryan Saul and Jason Punzel of Senior Living Investment Brokerage sold a portfolio of four skilled nursing facilities and three assisted living communities in Wisconsin that were placed into receivership in September 2018 when their for-profit owner/operator, Atrium Health and Senior Living, was unable to fulfill its financial obligations. SLIB was hired by a Wisconsin-based receiver to solicit offers, and the court approved the sale to a regional based owner/operator headquartered in Illinois with other communities in Wisconsin and the Midwest. The new owner plans to focus on building census by incentivizing local leadership and investing capital into the communities to attract quality... Read More »
Two More Tennessee Transactions From SLIB
After acquiring two skilled nursing facilities in Tennessee as part of a larger portfolio deal, a regional real estate owner, who focuses more on the CCRC market, decided to divest the properties with the help of Ryan Saul, Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage. Located about 60 miles southwest of Nashville, the Mount Pleasant facility has 72 skilled nursing beds and 30 independent living units. Built in 1980 with additions in 1982 and 1996, it was 85% occupied and was losing about $200,000 annually. Originally built in 1967 with a renovation in 1988, the Lenoir City facility (Knoxville MSA) features 104 beds with a vacant 16-unit assisted living portion... Read More »
SLIB Closes Illinois and Maine Transactions
The deals keep on coming from Senior Living Investment Brokerage. Jeff Binder and Ryan Saul first announced the sale of a supportive living facility in Jacksonville, Illinois on behalf of a regional owner/operator who was looking to retire from the industry. Built in 2004, the community features 86 units, including studio, one-bedroom and two-bedroom options. At the time of marketing, an application was submitted to the state for certification in the SLP Dementia Care Program, which was approved during the closing process, allowing the new owner to add 10 memory care units in a part of the building that was purpose-built for them. Occupancy was 90% at the time of the sale, but there is not... Read More »Schedule a demo
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