An Ohio-based senior care operator was looking to exit the skilled nursing business and sold a portfolio of five facilities while subleasing another two SNFs in the Columbus, Ohio market. The five facilities sold for a total of $81 million, or roughly $130,000 per bed/unit. Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors handled the transaction.
Since the start of operations in 1984, the seven facilities have consisted of roughly 750 dually certified skilled nursing beds and 200 senior housing units. And they historically operated near stabilized levels with consistent $70+ million of annual revenue, but performance drastically declined during the pandemic.
Amid seven competitive offers, Optalis Healthcare, a Novi, Michigan-based owner-operator seeking Midwest platform expansion, was selected as the buyer. The company previously only operated around the greater Detroit, Michigan area, so this represents a significant expansion in their footprint. Optalis worked with VIUM Capital to obtain $80 million in non-recourse bridge financing to fund the deal. The financing consisted of $71.92 million of initial funding and an $8.08 million earn-out based on an operational turnaround.
