Blueprint facilitated the sale of Project United, a clustered portfolio made up of five skilled nursing facilities and two assisted living communities in the greater Cleveland, Ohio area. Meanwhile, Berkadia arranged a $15 million HUD loan for a California-based client, including for new additions to a 99-bed SNF in Washington.

Seven-asset portfolio with 5 SNFs sold in Ohio

Blueprint facilitated the sale of Project United, a strategically clustered portfolio comprising five skilled nursing facilities and two assisted living communities in the greater Cleveland, Ohio area.

Recognizing the opportunity to acquire a sizable and integrated post-acute care platform, Blueprint targeted a select group of well-capitalized investors and regional operators positioned for growth in Ohio’s senior care market.

Despite the portfolio’s unique ownership structure and operational complexities, Blueprint successfully generated four competitive offers from qualified buyers.

The portfolio was ultimately acquired by a seasoned Ohio-based operator with a proven track record of delivering high-quality skilled nursing and rehabilitation services.

Blueprint worked closely with all stakeholders to navigate court proceedings and licensure approvals, ensuring a smooth and successful closing.

99-bed Washington SNF makes additions

Berkadia arranged a $15 million HUD loan for a California-based client, including for new additions to a 99-bed skilled nursing facility (SNF) in Washington.

The 35-year, non-recourse loan refinanced bank debt that was utilized to pay off the previous HUD loan and fund a new addition for the SNF located in Bothell, Washington. 

The new expansion will include 20 new private rooms, a therapy gym, and a dining area. The 99-bed, 4-star facility was originally built in 1964 and 1984. At closing, the property had a 56% quality mix.

Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare were advisors on the financing.

CareTrust REIT announces cash offer for the acquisition of Care REIT

CareTrust REIT (NYSE: CTRE) announced a recommended cash offer for the acquisition of Care REIT by CR United Bidco Ltd, a wholly-owned subsidiary of CareTrust for 108 pence per share to be full, fair, and final.

CEO Dave Sedgwick emphasized that amid recent market volatility, the cash offer stands out by providing guaranteed value and stability. He noted the offer gives Care REIT shareholders a significant premium—32.8% above the March 10 closing price and 28.1% above the 12-month average price ending on that date.

“In an important sense, regardless of the outcome of the shareholder vote, we feel like we have already won because of the tremendous reception we have received by many U.K. operators who are eager to work with us to help them grow and advance their missions of providing exceptional care,” Sedgwick said. “One way or another, we are coming to the U.K., we believe there will be ample opportunity for meaningful growth and already see the beginnings of our U.K. investment pipeline taking shape.”

In addition to its proposed acquisition of Care REIT, CareTrust announced that its United States skilled nursing and seniors housing pipeline has reloaded to $500 million.

“The conditions that made 2024 a historic year for us continue into 2025. We have never been more excited about our ability to deliver meaningful growth for our shareholders and trusted operators. The pipe continues to reload with opportunities to grow and diversify the portfolio in strategic ways.”