Blueprint's Your Advocate
Blueprint facilitates highly efficient sale of Advocate Healthcare of East Boston in historic East Boston, Massachusetts
We can’t thank Steve and Blueprint enough for making this process as fluid and comfortable as possible. From the very beginning we were very impressed with their professionalism and that didn’t change one bit throughout the process, it only got stronger and confirmed that we made the right decision up front.
From establishing a competitive yet confidential environment to assisting in the selection process to facilitating throughout the closing process, they were always there helping and advising. Their knowledge, creativity and genuine care for the process was extremely impressive and very much appreciated.
Michael Walsh | Advocate Healthcare
The 165 licensed bed (139 operational bed) five-story skilled nursing facility, originally constructed in 1952 and expanded in 1965, has been a fixture in the Orient Heights neighborhood of East Boston for decades
The exiting owner/operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility ensuring the highest possible level of safety and quality of care for its residents
Additionally, the facility has received a Determination of Need (“DON”) approval for an extensive renovation project to entirely reconfigure and reposition the property. This proposed DON project will return the facility to the 165-bed configuration while supplying all private and semi-private resident accommodations as well as provide for major life-safety and aesthetic improvements
Performance at the facility has steadily increased since the emergence from the COVID-19 pandemic with revenues and occupancy at approximately $15 million and 90%, respectively, at the time of sale
Blueprint managed a confidential, efficient, and focused offering process, approaching a total of twenty potential acquirers and ultimately receiving six highly competitive offers
Following further acquirer evaluation including site tours, Blueprint and their client selected the offer providing the greatest blend of price, terms, and execution certainty
The incoming owner/operator, a New York-based real estate investment firm with significant investments in New England healthcare real estate, plans to continue with physical plant improvements and focus on continuing operational efficiencies to improve quality of life for their residents