This transaction is an example of the continuing trend of non-profit and healthcare system providers looking to exit the skilled nursing business. This was a very positive transaction for the Seller, Buyer and residents at the facility.
Glen Ellyn, IL (PRWEB) July 14, 2012
On July 2, 2012, Senior Living Investment Brokerage Inc., a leader in the seniors housing real estate market, represented Evans Memorial Hospital in the sale of Glenvue Health and Rehabilitation Center to AdCare Health Systems. Glenvue Health & Rehabilitation Center is a 160-bed, non-profit, skilled nursing facility located in Glennville, GA. After a short period of time on the market, Senior Living Investment Brokerage, Inc. was able to procure multiple offers on the facility and the final sale price of $8,240,000 exceeded the initial list price by $240,000. Despite the facility’s poor financial performance, negative EBITDA, and 64% occupancy the final price per bed was $51,500. Evans Memorial Hospital pursued a sale in order to focus on their core hospital business.
The buyer, AdCare Health Systems, will add Glenvue Health & Rehabilitation Center to their existing Georgia portfolio of 13 facilities. Their history of transitioning non-profit facilities made them a good fit for Glenvue Health & Rehabilitation Center. AdCare was able to secure a traditional bank loan to finance the transaction.
The sale of Glenvue Health & Rehabilitation Center marks the sixth non-profit facility out of eleven total facilities that Bradley Clousing has sold in the past 12 twelve months. Working together with the team at Senior Living Investment Brokerage, Inc., a nationwide network of buyers was reached in a confidential manner which resulted in the successful sale of Glenvue Health & Rehabilitation Center.
For more information about this transaction or other Senior Living Investment Brokerage, Inc. sales, contact
Brad Clousing, Managing Director
P: (630) 858-2501 x231
E: clousing(at)slibinc(dot)com
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