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Blueprint was engaged to advise on the sale of a 250-bed skilled nursing facility located in Philadelphia. At the time of marketing, the asset was rebounding from COVID-19 while positioned to benefit from Pennsylvania’s Medicaid reimbursement rate enhancements effective in 2023. Despite these favorable tailwinds, the facility was operating with significant financial losses and occupancy hovering near 70%.
The transaction proved highly complex, spanning more than two years from launch to close. Given the unique dynamic of a not-for-profit seller transferring ownership to a for-profit buyer, multiple regulatory hurdles had to be cleared. In a pivotal moment, Blueprint’s Ryan Kelly testified directly in front of the Pennsylvania Attorney General, helping secure the necessary approvals to move the transaction forward.
Ultimately, the selected buyer — a mission-oriented operator with an established Pennsylvania presence — recognized the property’s potential to stabilize operations and create long-term value.
This transaction underscores Blueprint’s ability to navigate highly complex, multi-year processes and align challenged assets with qualified operators who have the vision, resources, and commitment to execute a turnaround.
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