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Blueprint Turns Key

Sale of a 120-bed SNF in Key West
Blueprint executes Florida skilled nursing facility sale through bankruptcy auction
Blueprint was selected to represent the non-profit debtor for the sale of Key West Health and Rehabilitation, the only licensed skilled nursing facility in Key West and subject to ongoing bankruptcy proceedings.

The 120-bed facility is situated adjacent to Lower Keys Medical Center, the ground lessor to the skilled nursing facility, and was also encumbered by an existing HUD mortgage.

Through a comprehensive marketing campaign, Blueprint generated considerable market interest and several competitive proposals, ultimately sourcing a qualified offer to acquire the facility free and clear, which prevailed over the stalking horse as the highest and best bid in the auction sale.

The winning bidder worked closely with all parties to proactively address and overcome various challenges not limited to the operating environment during the COVID-19 pandemic.

As some buyers and lenders were sidelined as industry headwinds persisted, the buyer and its lender remained resilient and determined, creatively tackling issues head-on to successfully close the transaction.

Michael Segal