Saul Closes Two Midwest SNF Sales
Ryan Saul of Senior Living Investment Brokerage closed out the month with two Midwest transactions. First, he sold a struggling SNF in St. Charles, Illinois. At 40-years old, the 120-bed facility struggled with cash flow (losing over $1 million in EBITDAR), while occupancy stood at just 58%, with a 55% Medicaid, 28% private pay/insurance and 17% Medicare census. Its Wisconsin-based private owner (who is retired and elected to sell for estate planning purposes) had leased the facility for many years to a not-for-profit. But after the recent affiliation with another not-for-profit health system, they did not want to operate long-term and decided to terminate the lease and transfer operations... Read More »
Clousing Sells In The Southeast
Senior Living Investment Brokerage’s Brad Clousing helped a private fund divest an assisted living/memory care community in Marietta, Georgia that did not fit into its geographic criteria. Built in 1995, the 56-unit community was just 59% occupied and operated at a 2.5% margin on under $2.2 million of revenues. Paying $7.06 million, or $126,100 per unit, a regional operator based in Atlanta is the new owner. Then with Daniel Geraghty, Mr. Clousing sold a 96-unit independent/assisted living community in Due West, South Carolina. It too struggled with occupancy, at just 72%, and it didn’t help that its not-for-profit owner was in financial distress. However, the new owner, a partnership... Read More »
County-Owned SNF Gets New Private Owner
A county-owned skilled nursing facility in Fremont, Ohio may see a brighter future under its new private owner, which acquired the property for $2 million, or just $24,400 per bed. The three-story, 82-bed facility was built in 1965 and expanded in 1989. But age was not its only issue. Occupancy was 56% at the time the property went to market, but actually dipped below 50% during the process. It also had a high Medicaid census (at 81%) and operated at just a 3% margin on approximately $4.16 million of revenues. When the previous operator/tenant, Pristine Senior Living, decided to exit the Ohio market at the end of the lease, the county elected to sell and exit the long-term care business.... Read More »
Another Missouri Purchase For Griffin-American Healthcare REIT IV
Griffin-American Healthcare REIT IV returned to Missouri yet again to acquire an assisted living community in the St. Louis suburb of Warrenton. The single-asset transaction follows two portfolio deals for the REIT in the Show Me State, which included eight skilled nursing facilities bought for $88.2 million and two skilled nursing facilities that were a part of a 24-property (the rest located in Illinois) acquisition for a combined $78.5 million. G-A IV acquired the Warrenton property in a RIDEA structure with the incoming operator, Meridian Senior Living, and will own 98% of the JV. Built in 2000, the 53-unit community was 91% occupied, with a 100% private pay census, and in the past... Read More »Schedule a demo
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