Closing by Clousing
With the help of Brad Clousing of Senior Living Investment Brokerage, Sabal Financial sold its 41-unit assisted living community in Cumming, Georgia. Previously, Sabal had purchased the note on the non-performing property in a large portfolio sale from Synovus Bank, but has subsequently foreclosed on the asset. The community was built in 1997 and managed by Oaks Senior Living, which is owned by the Salabarria family. Under Oaks management, the community actually was performing well, with a 23% operating margin and 80% occupancy, despite the ownership change and bankruptcy. The purchase price came to $3.3 million, or $80,488 per unit, with an 8% cap rate. The buyer, a Midwest-based regional... Read More »
A Keene Eye
A week after Matt Alley of Senior Living Investment Brokerage handled the sale of a 110-bed skilled nursing facility located about 30 miles from Odessa, Texas, he struck again in the state, selling an 88-unit independent living/memory care community in the town of Keene. Built in 1988 and renovated in 2003, the community features 56 IL units and 32 units/36 beds of memory care. With the local owner/operator managing under a forbearance agreement with their lender, the community reached occupancy of 99% and a 28% operating margin. The buyer is a hospital provider headquartered in the Dallas-Fort Worth area and is owned by funds managed by an investment advisor. They paid $7.65 million, or... Read More »
Clousing Closes
Brad Clousing of Senior Living Investment Brokerage continued his busy month by facilitating, with Patrick Byrne, the sale of three skilled nursing facilities in Florida. Totaling 436 beds, the properties included a 155-bed skilled nursing facility in Clewiston that was built in 1978 with an addition in 1995 and renovations in 2005 and 2012, a 185-bed facility in Lakeland built in 1960 with renovations in 1980, 1990 and 2014, and a 96-bed facility in St. Petersburg that was built in 1946 and 1964 with a recent renovation. Overall occupancy was 85%. The real estate and operations were sold separately, as the operations sales was the result of a Chapter 11 bankruptcy. Combined, the purchase... Read More »SLIB’s successful sale
A New York-based buyer hopped across the border to Connecticut to acquire a 162-bed skilled nursing facility. Built in the 1970s, the facility was lagging slightly in census and quality mix from historical levels. The seller was a regional operator, which enlisted the help of Toby Siefert, Nick Cacciabando and Pat Byrne of Senior Living Investment Brokerage to handle the transaction. Read More »Schedule a demo
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