After already serving as interim manager of a portfolio of four skilled nursing facilities in receivership, an East Coast-based skilled nursing operator found a capital partner to acquire the portfolio. Steve Thomes, Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors were engaged by the Massachusetts-based court-appointed receiver to handle the sales process.
All built between 1967 and 1975, these facilities total 572 beds and are located throughout eastern Massachusetts. Following a slight rebound in operations when the current operator stepped into its role in mid-2019, COVID-19 negatively impacted operations across the portfolio (no surprise there given the tightness of the lockdowns in the Northeast), and occupancy stood at just 70%, on average, at the time of the sale. With the help of Blueprint, that operator, which has a specific focus in Massachusetts, aligned with a capital partner to acquire all four facilities, for an undisclosed sum.
