Blueprint Healthcare Real Estate Advisors represented a court-appointed receiver in the sale of a Chicago-area memory care community. Located in Vernon Hills, the 70-unit community, called Springs of Vernon Hills, was only recently built in 2015. But after falling to 58% occupancy in 2021 following Illinois’ strict lockdowns, the community was placed into receivership. The Long Hill Company, a nationally focused turnaround management firm, was selected as the court-appointed receiver. Under its management, the community steadily rebuilt its occupancy, even returning to and surpassing historical occupancy levels. The community’s financial performance also demonstrated positive momentum, and community leadership stabilized.
Long Hill selected Blueprint to run a disposition process for the asset, and Steve Thomes, Kory Buzin and Lauren Nagle ultimately found a well-capitalized owner/operator with a focus on standalone memory care as the buyer. Blueprint worked closely with multiple stakeholders, including the court, the lender, the receiver, the state and the buyer, to sequence the court’s approval of the deal in parallel with the issuance of state licensure to facilitate the transfer of the underlying operations. The deal closed at the end of the second quarter for a total purchase price of $9.3 million, or nearly $133,000 per unit.
