SLIB and Monarch Advisors Collaborate on Kentucky Closing
Alec Blanc of Monarch Advisors announced an acquisition financing for a couple of assisted living communities in Kentucky. Located in Bardstown and Elizabethtown, just under 30 miles from each other, the communities combine for 84 units. Occupancy was around 80% in 2020. They were previously owned by a California-based owner/operator, but the buyer/borrower, WalkLight Senior Living, was looking to make its first-ever acquisition, although the owners are experienced in operations. They also saw an opportunity to potentially raise rates at the locations to improve operations. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the sale. Monarch secured a... Read More »
SLIB Facilitates SNF Transaction in Missouri
A Midwest-based private equity firm sold a skilled nursing facility in Farmington, Missouri to a regional owner/operator based an hour away in St. Louis. Built in stages from 1982 to 2008, the facility has 97 beds, with a combination of private and semiprivate rooms. It also provides outpatient therapy in addition to in-house rehab and skilled nursing services. It was around 83% occupied in 2020, with a healthy 12% operating margin on over $6 million of Q4:2020 annualized revenues. The previous owner decided to capitalize on those strong financials to strategically divest the facility. Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage handled the transaction, which did... Read More »
SLIB Handles Sale of Florida Community
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 64-unit assisted living and memory care community in Pace, Florida. The community opened in December 2019 and immediately faced the challenges of Covid-19. Nonetheless, the property achieved stabilized occupancy in less than a year. The seller was a partnership led by a Florida-based developer, Rimrock Companies. Arcadia Communities bought the property in an effort to expand their presence in the Southeast and enter the Florida market. They have seven existing communities in Michigan, Kentucky and Tennessee. Read More »
SLIB Handles Two Transactions in Oregon
Senior Living Investment Brokerage closed a slew of sales at the end of September, including two in Oregon. Jason Punzel, Brad Goodsell and Vince Viverito worked on behalf of a local ownership group in Oregon to sell their only two seniors housing properties. There was an 87-unit independent/assisted living community in Grants Pass and a 61-unit AL community in Medford. Both were built in the early 2000s and were around 87.5% occupied. Combined EBITDAR totaled $1.44 million on about $6.77 million of revenues, resulting in a margin around 21%. An Oregon-based owner/operator purchased the communities for $17 million, or $114,900 per unit, at an 8.5% cap rate. Messrs. Punzel, Goodsell and... Read More »Schedule a demo
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