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Blueprint was engaged by WellSpire, a joint venture between WesleyLife, Iowa’s largest non-profit provider of services and care for older adults, and Genesis Health System (now MercyOne Genesis) to advise the strategic sale of a 120-bed skilled nursing, long-term care, and sheltered care community in Silvis, part of the Quad Cities metro area in western Illinois.
Illini Restorative Care was built in 1968 and is located on and adjoining the MercyOne Genesis Silvis Medical Center campus. The non-profit community is licensed for 102 skilled nursing beds and 18 sheltered care beds with 30 private rooms and 45 semi-private rooms. With a consistent uptrend in census, the community generated more than $8.0 million in revenue with an approximate 50% quality payor mix.
Through its strategic marketing efforts targeting in-state and out-of-state prospective buyers, Blueprint generated multiple competitive offers. An Illinois-based private investor with a large ownership presence throughout the state was selected as the purchaser along with its in-state operating partner and tenant.
Blueprint worked closely with all parties involved, particularly the joint venture partners and respective counsels, to guide the transaction and ensure a successful closing and smooth operational transition. The purchase price was $5.5 million, which represents approximately $46,000 per licensed bed.
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