Plantation Key Nursing and Rehabilitation underwent a comprehensive, multimillion dollar renovation project in 2011. The CMS Five-Star rated facility boasted high per patient day revenues and solid quality mix driven by superb referral relationships with hospital systems not limited to the Miami-Dade and Homestead areas. At the time of sale, however, the facility had a relatively low census due to staffing challenges.
Blueprint positioned the offering as uniquely situated in a high barrier-to-entry market with extremely limited competition. Blueprint also highlighted operational upside potential during its marketing campaign, selling past perceived demand issues associated with the remote location and drawing interest from operators with regional infrastructure and staffing expertise. The process generated competing offers from both in-state and out-of-state prospective buyers.
While neither the investor selected as the buyer nor the incoming operator had a presence in Florida prior to the acquisition, the buying partnership recognized the value-add opportunity. In addition to working through the logistics of the real estate sale, Blueprint effectively stacked the capital with an interim debt structure- the key to hitting the anticipated closing date without delay.
The transaction was handled by Ben Firestone, Michael Segal, and Trent Gherardini.