Blueprint Healthcare Real Estate Advisors closed a couple of sales in the Old Northwest. First, Amy Sitzman and Michael Segal represented Sioux Falls, South Dakota-based The Evangelical Lutheran Good Samaritan Society in the not-for-profit’s sale of three Wisconsin skilled nursing facilities. Considered to be non-core, these facilities feature 162 skilled nursing beds, 19 independent living units and 12 age-restricted apartments. They were originally built in 1960s but had maintained a good reputation.
In addition, occupancy and quality mix were strong, but despite high per-resident-day revenues, expenses ran too high. Expense management will be the job of the new owner/operator, which is looking to grow its portfolio. No purchase price was disclosed, but Dwight Capital (which has worked with the buyer before) closed a $3.7 million bridge loan to fund the deal.
Blueprint also assisted in the sale of 14 Indiana skilled nursing facilities to a joint venture that included Summit Healthcare REIT (a 15% owner), a real estate holding company and a global institutional asset management firm. The total purchase price came to $125 million for a 1,100-bed portfolio, or about $113,600 per bed. Moving forward, the seller will continue to operate the properties under a triple-net structure. We’ll have more details on this transaction in the April issue of The SeniorCare Investor.
