Cedarhurst Senior Living acquired a well-occupied senior living community in Omaha, Nebraska, from a multi-asset class Midwestern developer. The A-quality building features 110 units of assisted living and memory care, and was consistently above 95% occupancy throughout the sale process. Still, there was upside in rental rates, and expenses could be potentially reduced under new ownership.
So, the seller engaged Brooks Blackmon and Alex Florea of Blueprint Healthcare Real Estate Advisors to market and sell the property. Ultimately, Cedarhurst, a vertically integrated developer, owner and operator, emerged from a competitive bidding process to buy the community and retained Blueprint Capital Markets to source acquisition financing. Approaching a shortlist of banks, life companies and agency lenders, they went with a regional bank looking to grow its already-established presence in the market. The transaction closed on time and at the agreed-upon LOI price, no easy feat.
