Unwavering Commitment to Hospitality in Polaris
Blueprint leverages unmatched regional expertise and new capital markets platform to execute the sale of a Class-A senior living community upon construction completion
Directly adjacent to the POLARIS Commerce Center, Ohio’s largest mixed-use development, Polaris Retirement Community is purpose-built as a four-story, 136-unit, luxury independent living community, with the top floor built to AL licensing specifications for added optionality.
Developed in collaboration with Pittsburgh-based Graziano Construction and Development Company, Inc., and Sweetbay Senior Living, Polaris Retirement Living Properties, L.P. engaged Blueprint to market the property and facilitate the sale process.
Blueprint strategically utilized a coordinated and integrated marketing approach to target qualified regional operators and investors, REITs, and private equity investors, as well as non-profit owner/operators active in the region.
Recognizing the increased strain on capital markets due to COVID-19, Blueprint simultaneously conducted a lender outreach process, identifying multiple interested parties prior to the bid deadline.
United Church Homes, Inc., one of the nation’s largest nonprofit providers of senior living and healthcare services, was selected as the buyer, and Blueprint’s proactive, dual-track approach ultimately connected the buyer, and its advisor, with the new lender, a regional bank seeking to grow its seniors housing exposure by pursuing new, high-quality sponsor relationships during this period of market disruption.
Blueprint worked closely with all parties to facilitate regular construction and closing progress updates with the transaction closing days after the City of Columbus issued the Certificate of Occupancy.
The community was rebranded as The Polaris Community and UCH is putting the finishing touches on apartments and common areas in advance of the grand opening this fall.