AdventHealth Completes Exit from SNF Business; 1,000+ Bed Portfolio Trades 

AdventHealth completes SNF exit

Blueprint facilitated the completion of the sale of the wholly-owned skilled nursing portfolio of AdventHealth, a faith-based, nonprofit health system with headquarters in Altamonte Springs, Florida.

The AdventHealth Care Centers portfolio included seven locations with 833 total licensed beds. According to Blueprint, nearly all facilities were 4 and 5-star CMS rated, with two flagship state-of-the-art centers constructed in 2018 and 2019. Locations were strategically situated within the health system’s footprint including some hospital-adjacent sites providing specialized care for higher acuity patients.

The prevailing bidder was New York-based Infinite Healthcare along with its local operating subsidiary, Solaris Healthcare.

Infinite Healthcare had not responded to Skilled Nursing News’ requests for comments as of press time.

Blueprint said the buyer was carefully selected for its unique, patient-centric approach delivering quality care and its ability to transact and transition this regional portfolio despite industry and financing headwinds.

The AdventHealth skilled nursing exit has been ongoing, with a previously announced sale of two SNFs to CareTrust REIT (Nasdaq: CTRE). Momentum Skilled Services is operating those two buildings going forward, and the deal marked CareTrust’s entrance into Kansas.

Blueprint advised on the sale of a skilled nursing facility in South Carolina

Blueprint advised on the sale of a skilled nursing facility in South Carolina, a facility in Bennettsville, which was constructed in several phases beginning in 1958 and featured predominantly semi-private rooms.

The facility had demonstrated the unique ability to maintain strong occupancy throughout the COVID-19 pandemic with census exceeding 93% in 2019 and through 2021, according to Blueprint.

Blueprint procured eight competitive written offers, and recommended the REIT move forward with an East Coast based owner-operator with a significant existing presence in the State.

On the day of closing, surveyors at the community delayed closing by one month while survey results were pending, though no major issues arose from the survey.

RCA Management Cancels $25M project to add 120 skilled nursing beds

Earlier this month, RCA Management canceled a $25 million project that was set to add 120 skilled nursing beds in New York state. RCA Management already runs buildings in the McGuire Group, Absolut and VestraCare chains.

RCA owner Edward Farbenblum told local media the replacement project was no longer viable due to regulatory, financing and reimbursement challenges.

Blueprint facilitates sale of 1,000+ bed portfolio

On behalf of a public REIT, Blueprint executed the sale of multiple nursing facilities, inclusive of two campus locations also featuring independent living, personal care, and memory care beds, generally concentrated in northeast and central Pennsylvania.

“The portfolio was uniquely positioned as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid reimbursement rate enhancements recently passed in the state’s budget,” Blueprint wrote. 

Ultimately, Blueprint selected an East Coast based investor seeking to establish a new footprint in the region.