Loan Star St8
Portfolio sale of eight skilled nursing facilities located in Texas
Blueprint conducted an exclusive and confidential marketing process on behalf of the seller, a national owner based in New York
The portfolio was positioned as a unique opportunity to strategically develop a new regional operating platform or expand an existing one. The offering presented the ability to capitalize on clear and identifiable operational upside at each facility. At the time of sale, the portfolio generated $55.5 million in total revenues with an overall occupancy rate of 65% and a 10.5% quality payor mix.
Through a targeted and confidential marketing process to qualified prospects, Blueprint procured multiple competitive bids. Ultimately, Chicago-based Mozart Healthcare emerged to acquire seven of the facilities and negotiated leases with two Texas-based operators to run the portfolio. Summit LTC, who was looking to grow its footprint from five facilities in Texas, is leasing the Dallas and San Antonio area homes from Mozart, while Paradigm, an operating company with a team of 350 that was backed by some of the ownership interests in Mozart, is strategically growing in the Houston area.
The eighth facility was acquired by Trinity Healthcare, a well-known regional operator who saw an opportunity to expand its presence in the Central Texas region outside of San Antonio. Through collaboration between all parties, including the respective QIPP hospital partners, Blueprint leveraged its deep knowledge of the local market and nuances of the state's licensure process in order to bring the deal to a successful close.