Due to the quality, location and strong cash flows, Blueprint was able to quickly procure several competitive offers contemplating various transaction structures providing the seller with vast optionality. The Purchaser ultimately selected was a public, non-traded REIT that shared a similar vision for the future of the asset with the Seller. Blueprint thus structured a mutually beneficial sale/lease-back creatively aligning both parties’ interests.
Upon consummating the deal, Deanwood reached an occupancy level of 95% with an attractive quality mix and realized $33.5 million and $7.5 million in Total Revenue and EBITDAR on an annualized basis, respectively. Blueprint’s process commanded a top of market purchase price of $50.0 million, or $168,918 per bed, which included a performance-based earn out. Upon the operator hitting certain performance thresholds, the purchase price attained by Blueprint will represent a record breaking price per bed for skilled nursing facility sales in Washington, D.C.
Christopher Hyldahl, Tim Cobb and Steve Thomes teamed up to execute the transaction.