DONE DEAL:
Non-Profit Exits SNF Business
Blueprint is pleased to announce the successful sale of Citrus Health and Rehabilitation Center (“Citrus”) and Graceland Nursing Center (“Graceland”). Citrus is a 111-bed Skilled Nursing Facility located in Inverness, Florida, and Graceland is a 240-bed Skilled Nursing Facility located in Memphis, Tennessee.

The Seller was a national non-profit organization with a mission to serve the communities in which it operates. Citrus and Graceland were the Seller’s last remaining Skilled Nursing assets in its portfolio prior to the transaction.

Blueprint, on behalf of its client, having conducted an extensive marketing process procuring twelve qualified proposals, strategically explored both a package sale as well as individual transactions. During the marketing period, the collective EBITDAR of both properties was approximately $870,000, and one of the facilities was designated as a Special Focus Facility by CMS. The Buyer ultimately selected, a national owner/operator focused on Skilled Nursing, separated itself from the marketplace by aggressively pursuing both assets and purchasing the assets in cash.

Blueprint was deemed wildly successful by its client given the results it achieved despite foreseeable challenges inherent to the offering. Blueprint’s process yielded substantial net transaction proceeds exceeding not only its client’s balance sheet obligations but also its expectations.

The total purchase price was $23,000,000, representing approximately $65,500 per bed and a Gross Revenue Multiple of greater than 1.0x.

Trent M. Gherardini and Ben Firestone worked to execute the transaction.

LEAD ADVISORS
Trent Gherardini
Senior Associate
(312) 300-4153
trent@blueprintHCRE.com
Ben Firestone
Senior Managing Director, Founding Partner
(312) 300-4000
bfirestone@blueprintHCRE.com