After 70 years operating a senior care campus in Portland, Oregon, a Jewish not-for-profit organization decided to exit its only physical senior care asset in order to continue its mission serving the Portland Jewish community. That seller was Cedar Sinai Park, a faith-based organization with a reputation for providing care for more than 10 years in southwest Portland. It was established in predominantly Jewish neighborhoods in Old South Portland, and was the first Jewish organization to expand into southwest Portland in 1954 when it built a retirement community.
Over the years, the campus has grown to include 246 beds/units. Robison Jewish Health Center was built in 1956 with 44 skilled nursing beds, Rose Schnitzer Manor was added in 1998 and 2002 with 154 independent living/assisted living units. And the newest Harold Schnitzer Center for Living was built in 2016 with 48 beds of skilled nursing in a Green House setup. The campus is located within three miles of two short-term acute-care hospitals. Robison, which was renovated in 2017, was closed during the pandemic, but ownership held onto the license. So, census at the 48 SNF beds was strong in the 90s, while the seniors housing portion had occupancy in the 70s.
In the wake of operational challenges stemming from the pandemic, the campus recently achieved profitability as it continued to demonstrate an upward trend in performance following several years of operational losses. But the owner engaged Blueprint to sell the campus. Dan Mahoney, Michael Segal and Daniel Waldhorn worked on the transaction.
Blueprint identified private owner/operators committed to providing high-quality care and honoring the Jewish legacy of Cedar. There were multiple competitive offers, with the seller ultimately selecting an Illinois-based private investor along with its Oregon-based operating partner as the buyer and succeeding operator, given their previous track record of high-quality care and proposal to maintain religious programming for campus residents. Sale proceeds will fund a new foundation to continue serving the Portland Jewish community.
Notably, the transaction had to be announced to residents about a month before the PSA was in effect, so kudos to the buyer and seller (and broker) to trust one another not to pull out of the deal or change pricing in the intervening period. Pricing was not disclosed.
