Having a strong presence in the Bluegrass State for a quarter century, the operator maintained a longstanding reputation for its commitment to providing high quality care to the patients and residents its dedicated staff served. Located throughout the state, from suburban Louisville and Lexington submarkets, to more rural areas in Eastern Kentucky, the portfolio consisted of over 900 total beds (885 licensed skilled nursing beds) and collectively generated positive cash flow with average census levels approaching 90%. The seller engaged Blueprint to facilitate the sale for its successful track record executing Kentucky skilled nursing transactions, in light of heightened regulatory and liability risks facing in-state healthcare providers.
Blueprint’s direct marketing approach targeted preselected, qualified buyer prospects with a presence in Kentucky and contiguous states. The hyper-focused marketing process generated multiple competitive offers and rounds of bidding, and an out-of-state investor with a growing Midwest operating platform arose as the buyer. Maintaining the highest degree of execution certainty, Blueprint worked closely with all parties throughout each stage of the transaction, leading to a smooth closing and seamless transition. Additionally, Housing & Healthcare Finance, LLC sourced the bridge financing on behalf of the buyer.
The transaction was handled by Ben Firestone and Michael Segal.