Brighter Days at Bright Oaks?
Blueprint is pleased to announce the Chapter 7 bankruptcy sale of an assisted living and memory care community in the Chicago suburb of Aurora, Illinois.

Completed in 2016, the 60-unit assisted living and memory care community is located in Chicagoland and one of the only Bright Oaks projects to obtain its license and open. The community was in court ordered receivership for one year prior to being marketed by Blueprint and had not achieved profitability.

Blueprint was engaged by the court appointed trustee to conduct the marketing process and sell the community through an auction. Blueprint conducted a highly efficient marketing campaign that created substantial interest in the offering and drove pricing beyond the debt level and opportunistic unsolicited offers received by the creditor. Ultimately, four final bids were procured and Blueprint managed a highly spirited auction that took six rounds to select a final bidder. This robust marketing process brought premium value for the community and the estate.

The purchase price of $12.7 million translated to approximately $211,000 per unit.

The transaction was handled by Joshua Salzman and Alex Florea.

Joshua Salzman
General Counsel
(312) 300-4714
Alex Florea
Senior Director & Head of Capital Markets