Revere Switched Horses
Blueprint advises premier Massachusetts owner/operator, Salmon Health and Retirement, for divestiture of non-core community amid dynamic market conditions.
“This was a challenging assignment that Blueprint executed flawlessly. During the marketing period, the Commonwealth of Massachusetts changed the bed count which materially impacted the asset’s market valuation. Blueprint was able to source a Massachusetts based buyer/operator with sufficient scale in the market to leverage this value-add opportunity. Without reservation, I recommend Blueprint for their transaction execution expertise.”
- Chris Arruda, Chief Investment Officer, Salmon Health and Retirement
The subject community, which includes 154 skilled nursing beds and 26 assisted living units, is located in Northbridge, Massachusetts. Originally constructed in 1970, the five-star community sits on nearly 13 acres and encompasses over 93,000 square feet after expansions in 1995 and 2005.
Prior to the COVID pandemic taking hold, Salmon made the strategic decision to exit from the majority skilled nursing community in order to focus on the predominantly senior housing communities in their portfolio.
Blueprint represented the community for sale to a targeted list of local and regional investors with the ability to maintain the client’s stellar reputation for resident care. The marketing process resulted in several competitive offers with the seller ultimately selecting a well-respected regional operator as the acquirer.
Despite best laid plans, the transaction faltered during contract negotiations with both sides unable to reach common ground at which point Blueprint pivoted to re-integrate several of the backup bidders.
Following Blueprint’s re-approach to the bidder pool, a Massachusetts-based acquirer stepped in to bring the deal across the finish line resulting in a successful transaction for Salmon, as well as the growing investor.