May 18, 2018 by Steve Monroe

Kentucky’s largest not-for-profit senior living and long-term care provider, Christian Care Communities, worked with Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors to sell its 92-bed skilled nursing facility in Louisville. Ideally located near multiple hospitals and other referral sources, the facility was originally built in 1962, but was recently renovated in both 2012 and 2014. Occupancy was around 81%, but trailing cash flows were negative, prompting Blueprint to position the asset as a value-add opportunity. For a purchase price of $6.5 million, the facility ultimately sold to Strawberry Fields REIT, which leased it to Landmark Group to operate.
The deal comes in the midst of an incredibly active Spring for the Blueprint team, which also recently closed the sale of a 100-unit independent living community in Liverpool, New York (mentioned in the May issue of The SeniorCare Investor). Chicago Pacific Founders bought the property from Capitol Seniors Housing for an undetermined amount and had its operating subsidiary, Grace Management, take over operations. Ben Firestone, Jacob Gehl, Michael Segal and Steve Thomes handled that transaction.
Plus, a publicly traded REIT sold three skilled nursing facilities just outside of Boston with 288 beds, with the help of Blueprint’s Chris Hyldahl, Gideon Orion and Mr. Thomes. The REIT’s tenant wanted to reduce its exposure to the greater Boston market. The facilities have an average occupancy rate of 90% with a 15% quality mix, which is not so great in this market environment. Total revenues were $21 million, which comes to about $222 per patient day, which reflects the low quality mix. Blueprint, in its 15th Massachusetts sale, also helped find a capital provider for the buyer, a regional operator seeking to enter the Massachusetts market.

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