Blueprint creatively maneuvers SNF real estate transaction to successful closing through pandemic headwinds
- Located across the Hudson River from downtown Albany in Rensselaer, New York, Rosewood Rehabilitation & Nursing Center is an 80-bed skilled nursing and long-term care facility originally developed in the mid-1970s. Prior to the marketing and sale process, the private ownership group recently completed significant capital investments including interior renovations, operational equipment upgrades, and technological enhancements.
- The highly competitive local market maintained stable average census levels, and Rosewood was consistently above 90% with an approximate 50% quality payor mix thanks to its majority and recently updated private patient room accommodations.
- While operations were improving prior to COVID-19, the seller elected to pursue a sale of the real estate and engaged Blueprint for its market leading SNF transaction activity and vast buyer network of new and existing investors eager to acquire facilities in the state.
- Blueprint procured multiple competing offers from both new entrants and established owner-operators with the ultimate buyer selected for its willingness to creatively structure the real estate transaction subject to a leadership change at the management company operating the facility. Definitive contracts were executed and the buyer’s due diligence began just as the pandemic hit the area’s health networks and care providers.
- Like many other facilities in the region, Rosewood’s operations were heavily impacted while responding to the pandemic, but the buyer’s resiliency and the seller’s proactive facility management and emergency response proved highly effective as census steadily rebounded leading up to closing and the leadership transition.