Fannie Mae divested an assisted living/memory care community in a receivership sale run by Blueprint and Gray Reed, legal counsel for the receiver. Rock Run Place Assisted Living in Joliet, Illinois, was sold on behalf of Michael F. Flanagan, the court-appointed receiver for the community. Based on an internet search, the community was previously operated by Trustwell, and by Enlivant beforehand, so we believe this asset was part of the portfolio that TPG Real Estate handed the keys over to Fannie Mae in 2023. Court documents also show a propco associated with TPG.
Built in the late-1990s, Rock Run was jointly sold alongside a memory care facility on the same property, sold by a third-party. Combined, the property has 95 units. The sale was deemed to be in the best interest of creditors and was cooperatively facilitated with the support of Fannie Mae. Jason Brookner and London England of Gray Reed represented the receiver, the firm’s 11th successful sale as legal counsel for the receiver. Blueprint’s Amy Sitzman, Giancarlo Riso, Lauren Nagle and Brooks Blackmon handled the transaction.
