Blueprint closed the sale of a CCRC in Beachwood, Ohio, on behalf of the not-for-profit seller, as it was facing challenges due to increased healthcare staffing and a shift in competitive landscapes.
Menorah Park totals 594 licensed skilled nursing beds, 288 assisted living and memory care units, and 193 independent living units. The community was founded in 1906, moved to its current location in 1968, and expanded since then. The 355-bed Menorah Park Nursing Home was built in stages between 1968 and 2015, which was followed by a 193-unit independent living community called R.H. Myers Apartments added in 1978. Stone Gardens & Helen’s Place (118 assisted living/memory care units) and Wiggins Place (145 AL units) were added in later years. The Montefiore Nursing Home, with 239 beds, and the adjacent 25-unit MC community called The Willensky were also included in the deal. Menorah Park had affiliated with the not-for-profit Montefiore in July 2020 after a two-and-a-half-year discussion period.
It had been struggling operationally in the wake of the pandemic, higher staffing costs, changes in government funding and the competitive environment. That prompted the board to review its strategic options and a potential sale, and Connor Doherty, Ryan Kelly, Michael Segal, Ben Firestone and Kory Buzin of Blueprint were brought in to handle the transaction. The competitive process, coupled with the previously announced Ohio skilled nursing Medicaid rate increase, resulted in six acquisition proposals from qualified regional and national owner/operators, as well as several private equity investors.
The board favored Outcome Healthcare, a New Jersey-based owner/operator, over six finalists as the selected buyer, for an undisclosed price. Outcome’s terms and conditions were attractive to the seller, in addition to the price. The company, which is run by an Orthodox Jewish family of owners and operators in the industry, will continue to maintain the campus’s Jewish traditions and customs, including observance of Jewish holidays and Shabbat, serving kosher food and maintaining a full-time rabbinical staff. Outcome has nine SNFs and one assisted living community in its portfolio, which spans across New Jersey, Maryland, South Carolina and Georgia. This was the company’s first purchase in Ohio.
Earlier this year, Menorah Park also announced the sale of The Weils, its 122-unit assisted living community in Bainbridge Township, Ohio, to Eliza Jennings. That deal closed at the end of 2023, handled by Jay Jordan and Dave Kliewer of Continuum Advisors.
