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Blueprint executed the transaction on behalf of a publicly-traded REIT and a regional operator seeking to exit the state.
Built in the 1980s, Huntsville Manor, Brookhaven Manor, and Countryside Healthcare offer a combined 438 licensed beds. Based on trailing performance at the time of sale, the portfolio collectively generated over $19 million in total revenue annually, and two of the three facilities produced nearly-stable cash flows. At one facility, however, census levels remained below market and it had been designated a Special Focus Facility by CMS beginning in March of 2017.

Blueprint's marketing strategy highlighted the high occupancy of the limited-competition area and strong market fundamentals. Additionally, the portfolio was positioned as a value-add opportunity to increase census, census mix, and total revenues. Blueprint also creatively structured a deal where a buyer could close the transaction and take over operations, even as the one facility remained on the Special Focus list, while retaining staff from the existing operator, EPIC Group, best suited to efficiently deliver high-quality care.

The buyer chosen was a New York-based owner-operator that expressed a willingness to take on the regulatory challenge and saw the opportunity in a growth plan driven by Tennessee's recent implementation of case-mix reimbursement in early 2018.

An Epic Tale

Sale of a three-property skilled nursing portfolio in Tennessee

Michael Segal

Ben Firestone

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