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Finding Comfort & Care in the Capital Markets

Blueprint leverages its integrated team approach and capital markets expertise
Blueprint advises Comfort Care Senior Living, an experienced and growing Michigan-based owner-operator on the repurchase of four communities from its REIT landlord
Located in clusters around Detroit and Saginaw, the four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with it’s REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s AL/MC portfolio across the state

The communities exhibited strong performance trends pre-COVID, but faced occupancy and profitability declines during the pandemic which created friction within the lease structure. After reviewing a variety of options with the REIT, Comfort Care was able to negotiate the right to re-purchase the communities

The client engaged Blueprint to help explore new equity and debt partnerships to supplement its existing capital raising capabilities and provide maximum optionality for the repurchase

Blueprint ran a comprehensive process across the most active equity, debt, and structured finance providers to provide the client with a full spectrum of alternatives. After reviewing the options, speaking with potential partners, and reflecting on its goals and priorities, the client ultimately chose to pursue a high-leverage Bridge to HUD loan through VIUM Capital. This high leverage financing structure minimized equity requirements and allowed the operator to bring the equity needed through internal channels and retain full control and upside with the assets

Working on an accelerated timeline, Blueprint and VIUM collaborated to structure and ultimately close the repurchase, capitalized through internal liquidity, new LP equity, and a multi-tranche financing package arranged by VIUM

Michael Segal

Alex Florea

Brooks Blackmon