Mass. by the Pound
Sale of 107-bed skilled nursing facility in New Bedford, Massachusetts
Blueprint is pleased to announce the successful sale of Kindred Hallmark, a 107-bed skilled nursing facility located in New Bedford, Massachusetts. Blueprint conducted an exclusive process as part of a larger mandate on behalf of a publicly-traded REIT which sought to strategically divest of several non-core assets.
While Kindred Hallmark's trailing twelve-month total revenues were approximately $6.8 Million, EBITDAR over the same period was marginal.
As such, Blueprint attractively positioned the offering as a value play on a price-per-bed basis.
By utilizing its extensive network of qualified investors and regional operators, Blueprint produced multiple competitive offers to acquire the facility.
The Purchaser ultimately selected was a privately held, regional owner/operator eager to expand its regional footprint in the Northeast U.S. Despite the limited operational cash-flow at the property level, Blueprint sold the facility for $3,210,000, or $30,000 per bed.