SLIB Hits Q4 Running
Senior Living Investment Brokerage burst out of the gates in the fourth quarter, announcing three skilled nursing sales in just the first couple of days. Patrick Byrne, Jeff Binder and Ryan Saul first represented the not-for-profit Christian Horizons in the sale four skilled nursing facilities in central and southern Illinois for $20 million, or $37,500 per bed. Three of the facilities (in Decatur, Herrin and Washington) were built in the early-1970s with more recent renovations, while the fourth in Neoga was originally built in 1992. They total 506 skilled nursing beds and 12 independent living duplexes, or 27 units. Occupancy ranged from 68% to 85% for the three older facilities and was... Read More »
SLIB Handles Small Pennsylvania Portfolio Sale
Ryan Saul and Toby Siefert of Senior Living Investment Brokerage handled the sale of two senior care facilities in Wilkes-Barre, Pennsylvania. Local media reported the acquisition in March, naming Allied Services Integrated Health System, a locally based not-for-profit health system, as the buyer. Located less than one mile apart, these were the only skilled nursing/seniors housing assets owned by the not-for-profit seller, the Diocese of Scranton, which cited the industry’s increased complexity as its reason to exit. One of the properties was built in 1975 and 1998 with 133 skilled nursing beds and an attached 60-unit personal care community. The other property was built in the mid-1970s... Read More »
SLIB Closes Florida and Georgia Sales
Cedar Communities, a New York-based private equity firm that targets undervalued, small to mid-sized assisted living communities, continued its expansion in the Southeast with the purchase of two personal care homes in northern Georgia. Built in the 1990s, both communities were recently updated, have good local reputations and limited competition in the area. Their owner decided to exit the seniors housing industry, prompting the sale. The Commerce location features 54 units, 12 of which are independent living cottages, and the Stone Mountain property has 40 personal care units. They were well occupied at 93% and operated at a 25% margin on approximately $3.34 million of revenues. That... Read More »
Monarch Advisors Funds Development in South Carolina
A Charleston, South Carolina-based developer, WV Ventures, engaged Alec Blanc of Monarch Advisors (an affiliate of Senior Living Investment Brokerage) to close construction financing for a to-be-built senior living community in southern Georgia. The 80-unit project received senior and mezzanine debt equal to 75% of its total development cost. Monarch secured the senior loan from a regional bank with a five-year term and competitive rate. The loan was structured as interest-only for the first three years and also includes a recourse requirement, which will start to burn down upon certificate of occupancy. As for the mezzanine financing, Mr. Blanc sourced the loan from a firm deploying funds... Read More »Schedule a demo
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