Evans Senior Investments (ESI) brokered the sale of two family-owned and operated skilled nursing communities, located in Northern Indiana.
Pilgrim Manor, located in Plymouth, has been a cornerstone of the community since its establishment in 1969, and underwent a significant renovation in 2012. The facility offers 78 skilled nursing beds, including 40 private rooms. Despite experiencing financial challenges and a 73% occupancy rate at the time of sale, the facility maintained an impressive 4-star rating. ESI’s marketing highlighted Pilgrim Manor’s strong reputation and its potential for a financial turnaround, presenting it as an attractive investment opportunity.
The Chase Center, situated in Logansport, has been a vital part of the community since it opened its doors in 1978. The facility offers a total of 101 skilled nursing beds, including 15 private rooms. At the time of marketing, the community faced significant challenges, including a low occupancy rate of 44% and a 1-star rating. Chase Center had been undergoing extensive renovations since the onset of the COVID-19 pandemic.The renovation process was successfully completed in June 2024.
During the transaction process, both communities had to receive newly issued Medicare and Medicaid billing numbers given pre-existing issues with the prior hospital partnership. This created a significant regulatory hurdle, and ESI worked with both parties to navigate the challenges and receive newly issued billing numbers before closing.
To ensure the best possible outcome, ESI ran a confidential marketing process targeting an exclusive group of skilled nursing buyers in their network.
CIBC Bank closed $70 million in refinancing of two Venza Care SNFs
CIBC Bank USA recently closed $70 million in refinancing for two skilled nursing facilities affiliated with Venza Care, totaling 400 beds. The facilities were acquired in 2021, and have since improved in performance significantly since by increasing occupancy, improved staff management, and a focus on quality. A 3-year loan was provided on the real estate, along with a working capital line of credit.
CFG completes $23.6M refinancing for Delaware-based SNF
Capital Funding Group (CFG) today announced the closing of a $23.6 million Bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. CFG closed the deal on June 27 on behalf of a nationally recognized borrower.
This financing follows CFG’s recent announcement of the closing of a HUD financing package totaling $42 million. CFG closed the deals on June 5 on behalf of a nationally recognized borrower. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities, with a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6 million HUD loan to support a 101-bed facility in Washington, and a $10.6 million HUD loan to support a 108-bed facility in Washington.
Blueprint assists in divestiture process for Ohio SNF
Blueprint assisted in the divestiture process for recently developed skilled nursing facility in Akron, Ohio.
Purpose-built in 2015 as a transitional care facility in a northeastern suburb of Akron, the 80-bed skilled nursing facility presented numerous paths to stabilization with strong fundamentals and attractive in-place HUD financing.
Blueprint effectively marketed the upside provided by the low-rate debt coupled with strong submarket fundamentals and the opportunity to further develop local referral relationships.
Utilizing a marketing approach targeting both regional and national acquirers, the process resulted in offers from five highly credible groups. The selected bidder was a regional owner/operator with significant experience in Northeast Ohio allowing for a quick HUD Transfer of Physical Assets approval.
Blueprint proactively guided the transaction through all aspects of the contracting, diligence, and transition process to ensure the deal closed before mid-year 2024 in order to remain eligible for the Quality Incentive Payment Program in January of 2025.
Blueprint advises a institutional private equity investor on the sale of SNF in metro Philadelphia
A nationally recognized institutional private equity firm selected Blueprint to create an exit strategy to maximize proceeds from the sale of a Class A skilled nursing facility in metro Philadelphia.
Built in the early 2000s, with a significant renovation project completed in 2022, the facility is certified by the Centers for Medicare & Medicaid (CMS) for Medicare only, providing excellent post-acute rehab and skilled nursing services in the affluent west Philadelphia suburb, Blueprint said in a press release. Following the completion of the renovation project, the census continuously climbed towards stabilization.
The incumbent operator is a seniors housing-focused manager, also providing lower acuity senior care services on the adjacent campus.
Blueprint leveraged its deep knowledge of the skilled nursing landscape on the East Coast to target skilled nursing-focused owners and operators most likely to find exceptional value in this acquisition opportunity.
After conducting a direct marketing campaign to operators and investors with existing footprints, both within Philadelphia and surrounding markets, Blueprint procured multiple compelling offers from regional owner-operators seeking strategic expansion in the region.
Ultimately, Blueprint’s process generated a “hyper-competitive bidding environment” amongst two reputable providers in the market which drove considerable upward pressure on the purchase price.