SLIB Sells Two Memory Care Communities in Illinois
Ryan Saul and Vince Viverito of Senior Living Investment Brokerage recently facilitated the $3.75 million sale of Life’s Journey Senior Living of Taylorville and Paris in their respective towns in Illinois. Owned by a publicly-traded REIT, both properties offer memory care services. Built in 2012 with renovations in 2014, the Taylorville location has 25,000 square feet and a 69% occupancy rate over its 46 units. The Paris location, built in 1998, is 9,200 square feet and has an occupancy of 96% across its 23 units. There are a combined 77 beds over 69 units, resulting in a price per unit of around $54,300, which falls below the $191,800 per unit average price for assisted... Read More »
SLIB Closes Sale of AL Community in Georgia
The Senior Living Investment Brokerage team of Brad Clousing and Dan Geraghty closed the sale of an assisted living community in Milton, Georgia, that was in the middle of lease-up when the pandemic hit last Spring. Featuring 94 units and 124 beds, including 77 assisted living and 17 memory care units, the community opened in 2017 at a time when there was a lot of competition north of Atlanta. It had not reached stabilization by the time COVID-19 and economic lockdowns further challenged the effort. The local developer/operator had reached their investment horizon and chose to sell the community to a Tennessee-based operator looking to expand their presence in the Southeast. The purchase... Read More »
Monarch Advisors Finances Two Texas Transactions
Alec Blanc of Monarch Advisors helped finance a couple of Senior Living Investment Brokerage’s latest deals in Texas, which we highlighted last week. Cascades Healthcare, a Provo, Utah-based owner/operator, announced two separate acquisitions for four total skilled nursing facilities in Texas for a combined $26.545 million, or $41,400 per bed. Mr. Blanc secured a $21 million acquisition loan from a national commercial finance company to support the deal. There is also a $3.5 million earn-out feature that brings the loan-to-cost to around 92%. We’re not seeing leverage like that very often these days. The loan comes with a three-year term and interest only payments for the first two years.... Read More »
Senior Living Investment Brokerage Handles Three More Transactions
As of the writing of this, Senior Living Investment Brokerage has now closed 39 seniors housing and care transactions in 2021. Their total for the whole year of 2020: 39 deals. To hit that mark before the end of June is impressive, to say the least. Pushing them to that number were three transactions in the Southwest announced in quick succession. The first was an assisted living/memory care sale in Las Vegas, Nevada, handled by Vince Viverito, Jason Punzel and Brad Goodsell. Built in 2016 by a local developer (who is now the seller), the community has 119 beds in 98 units. A third-party operator managed the community, but the buyer, a national private equity fund, will bring in a... Read More »Schedule a demo
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