Blueprint Leases St. Louis-Area Skilled Nursing Portfolio
A portfolio of three skilled nursing facilities and 444 total beds in the St. Louis, Missouri area found a new operator/tenant thanks to Ben Firestone, Michael Segal and Billy Lichtenstein of Blueprint Healthcare Real Estate Advisors. Featuring positive cash flow (benefitted by Missouri’s Medicaid rate increase) and desirable locations near Barnes-Jewish Hospital, these facilities are owned by an Illinois-based owner/operator that decided to shift its focus to other owned and recently acquired facilities in Arizona and Illinois. A growing operator with an existing presence in the state was chosen as the new operator for its commitment to capital improvements. The transaction was structured... Read More »
Blueprint in the Buckeye State
Connor Doherty of Blueprint Healthcare Real Estate Advisors took his talents to Ohio to close two skilled nursing transactions in the state. First, partnering with Blueprint’s Ryan Kelly, Mr. Doherty represented a California-based private equity group to sell its 99-bed SNF in Newark, near Columbus. Built in 1972 but with consistent updates through the years, plus a new rehab wing added in 2015, the facility was triple-net leased to a local operator. However, when the lease term was up, the operator decided to exit, prompting the owner’s divestment too after about a decade of ownership. The facility was cash-flowing but was 75% occupied with a more-than 30% quality mix. That offers some... Read More »
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 »
Blueprint Closes Two Large Skilled Nursing Deals
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... Read More »Schedule a demo
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