Most of Petersen Health Care Portfolio Sells
As part of its corporate Chapter 11 bankruptcy restructuring, Petersen Health Care has now sold 76 senior care properties in Illinois, Missouri and Iowa. Originally, Cascade Capital Partners was the stalking horse bidder for the majority of Petersen’s 90+ properties, when a federal bankruptcy court approved a $116 million sale this summer. Other bidders for the remaining properties were approved at the same time, such as Bank of Farmington and Hickory Point Bank & Trust. However, now the largest group of properties, 46 of them, have sold to CareTrust REIT for a total investment of approximately $97 million (including transaction costs), or $25,000 per bed. CareTrust also announced... Read More »
WellSpire Divests to Private Investor (and its Operating Partner)
Blueprint facilitated the sale of an Illinois skilled nursing and sheltered care facility in Quad Cities on behalf of WellSpire, a joint venture between WesleyLife and Genesis Health System (now MercyOne Genesis). Built in 1968, Illini Restorative Care comprises 120 beds in Silvis, Illinois. It sits on and adjoins the MercyOne Genesis Silvis Medical Center campus. The not-for-profit facility is licensed for 102 skilled nursing beds and 18 sheltered care beds with 30 private rooms and 45 semi-private rooms. With a consistent uptrend in census, the community generated more than $8.0 million in revenue with an approximate 50% quality payor mix. Blueprint targeted in-state and... Read More »
PE Group Acquires in Minnesota
Orchards of Minnetonka, a high-end seniors housing community located outside of Minneapolis, Minnesota, found a new owner thanks to the team at Newmark. Built in 2019, the community features 147 units of independent living, assisted living and memory care. It was very well occupied and operated strongly, with Ebenezer previously managing it. Opus Development Company originally developed the community, partnering with Ebenezer. Newmark represented the seller in the deal and helped finance the acquisition by arranging a floating-rate loan from Texas Capital Bank for the buyer. Emerging from double-digit bids, the new owner is a private equity group, which is bringing on an operating... Read More »
Minnesota SNF Changes Hands
A small skilled nursing facility in Minnesota found a new owner thanks to the team at Evans Senior Investments. Built more than 60 years ago, Rochester West Health Services has 48 beds and was previously owned by an institutional group, GPH Rochester LLC, an affiliate of Fort Smith, Arkansas-based REIT Cuarzo Healthcare Capital. That seller wished to execute on a divestment as part of its capital redeployment strategy. The sale process generated significant interest before Eden Senior Care, a regional owner/operator with an existing footprint in Minnesota, bought the facility for $1.5 million, or $31,250 per bed. Occupancy was in the 60s, so the buyer saw an opportunity to improve census... Read More »
Not-For-Profit Divests Non-Core Asset
Blueprint advised a not-for-profit seller in the divestment of a southern Pennsylvania memory care community. Despite profitable operations, the Washington, D.C. metro area-based seller sought to exit ownership of the community given its non-core location relative to the balance of its portfolio. The sub-30-unit memory care community, located along the Mason-Dixon line between Pennsylvania and Maryland, was originally built in 1990 and sits on a 20-acre parcel. A western Maryland-based group was identified as the buyer, which brought a knowledge of the resident base and proximity to the facility that made it a “natural” fit for its second location. Steve Thomes, Kory Buzin and Colin... Read More »Schedule a demo
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