Blueprint and BlueMountain

Blueprint and BlueMountain

Blueprint Healthcare Real Estate Advisors announced that it was involved in the Sabra Health Care REIT sale of 28 skilled nursing facilities in Texas and Louisiana to a joint venture of BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group for $282.5 million. Engaged by the joint venture buyer for their expertise on the Texas and Louisiana markets, Ben Firestone, Chris Hyldahl and Gideon Orion of Blueprint helped find local operating partners and tenants for the portfolio, which was previously operated by the now-bankrupt Senior Care Centers. Despite the bad news surrounding SCC’s financial troubles, these facilities were still operating decently well, particularly... Read More »
Skilled Nursing Portfolio Acquisitions Financed by KeyBank

Skilled Nursing Portfolio Acquisitions Financed by KeyBank

KeyBank Real Estate Capital arranged acquisition financing for two skilled nursing portfolios in Nevada and Texas. A joint venture between Capital Senior Ventures and BlueMountain Capital Management was the buyer in both transactions. In the larger deal, Grant Saunders and Peter Trazzera provided a $105.8 million bridge loan to fund the purchase of 12 skilled nursing facilities and to refinance the existing debt of four SNFs located throughout Texas. In total, the 16 facilities have 1,924 beds. Then, Messrs. Saunders and Trazzera arranged a $21.9 million loan for the acquisition of three skilled nursing facilities and 359 beds in Las Vegas and Carson City, Nevada. Read More »

KeyBank, Kindred and BlueMountain

BlueMountain Capital Management has been steadily working to close its large acquisition of 96 skilled nursing facilities from Kindred Healthcare (a deal valued at approximately $700 million). For its latest tranche of closings, the firm received $128 million in acquisition financing originated by Grant Saunders and Peter Trazzera of KeyBank Real Estate Capital’s Healthcare Mortgage Group. The term loan funded the purchase of 13 facilities including nine in California, three in Massachusetts (that are nearing approval) and one in Nashua, New Hampshire. Of the California facilities, five are located in San Francisco, plus one each in Salinas, Stockton, Walnut Creek and Livermore. This marks... Read More »

Kindred Healthcare Sells SNF Division To BlueMountain

Kindred Healthcare announced an agreement to sell 89 skilled nursing facilities with 11,308 beds and seven assisted living communities with 380 licensed beds for $700 million, or $59,890 per bed. In today’s world, that can be considered cheap, since it is nearly 40% below the average price paid per bed in 2016, but there is more to it than meets the casual eye, since there is a group of leased facilities outside of the Ventas-owned properties that will be purchased from Ventas as part of the larger transaction. However, occupancy stands at 78%, which is below the historically low current national average of about 82%. The buyer is private equity firm BlueMountain Capital Management, LLC,... Read More »