Hawkish on the Hawkeye State
Sale of seven skilled nursing facilities consisting approximately 550 beds in Iowa
Blueprint successfully represented LTC Properties Inc. in the divesture of its Preferred Care Portfolio, which included approximately 2,500 beds across five states. Blueprint assisted LTC with the sales by identifying buyers for a series of transactions, leveraging the firm's broad market coverage and regional expertise to generate combined net proceeds to LTC of approximately $78 million.
Of the seven facilities, five are regionally clustered in the Des Moines MSA. Blueprint highlighted each facility's upside for an incoming investor, specifically focusing on synergies gained from the geographically clustered locations of the facilities and the potential for management level efficiencies.
The process was focused on potential buyers that were looking to gaining a large presence in the Des Moines market. A private owner-operator was selected as the ultimate buyer, bringing forth the best blend of acquisition price, terms, and execution probability.
Blueprint was closely involved throughout the entire transaction process, including buyer's and its lender's due diligence. The transaction closed in the first quarter of 2020, representing the third of five transactions that made up LTC's Preferred Care Portfolio.