top of page
The Long Hill Company, a nationally focused turnaround management firm serving as the court-appointed Receiver, selected Blueprint to run a disposition process for the Springs of Vernon Hills on behalf of the community’s senior lender. Built in 2015 and located in Vernon Hills, IL, the community is comprised of 70 total units
After falling to 58% occupied in 2021 following Illinois’ strict lockdowns, the community was placed into receivership. Under Long Hill’s management, the community steadily regained census, stability in community leadership, and positive momentum in financial performance, ultimately returning to and eclipsing historical occupancy levels

Blueprint managed a broad marketing process to identify every viable acquirer, ultimately selecting a well-capitalized and proven owner-operator with a specific focus on standalone memory care communities

Working together with the Receiver, Blueprint guided the transaction through the traditional process as well as navigated the additional complexities associated with the court-directed receivership and state licensure processes

Specifically, Blueprint worked closely with the larger-than-usual stable of stakeholders – the Court, the lender, the Receiver, the State, and the Buyer – to sequence the Court’s approval of the deal in parallel with the issuance of State licensure to effectuate a complex, yet efficient, transfer of the underlying operations and close of the transaction

Despite significant headwinds in the capital markets, the transaction closed on June 30th, 2023 for a total purchase price of $9,300,000, representing approximately $133,000/unit


Full Court Press

Blueprint represents court-appointed receiver amid dynamic market in sale of Chicagoland standalone memory care community

Steve Thomes

Lauren Nagle

Kory Buzin

bottom of page