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Representing the culmination of the sale processes for Samaritas, a Michigan faith-based nonprofit owner and operator, Blueprint completed the sale of Samaritas Senior Living Cadillac, a 131-licensed bed skilled nursing and long-term care facility (24 beds designated for secure memory care). Following 50 years of providing senior care services, Samaritas has a renewed focus on creating a holistic service experience through four core areas of impact, including child and family services, behavioral health, refugee services and affordable housing.
Samaritas Senior Living Cadillac was originally constructed in 1964 with expansions completed in the 1970s and most recently having undergone a full renovation and rehab addition in 2012. Located less than one mile from the Munson Healthcare Cadillac Hospital, the 4-star CMS-rated facility featured 31 private rooms and 50 semi-private rooms. Historically, the facility generated stabilized operating margins, however, census declined during the pandemic leading ownership to take some beds offline.
Blueprint’s direct marketing campaign targeting in-state and regional skilled nursing investors and operators resulted in multiple competing offers to acquire the property. The marketing process concluded with the selection of a prominent Michigan-based skilled nursing provider, with the Cadillac facility representing its northern-most location in the state.
Blueprint advised Samaritas through each transaction phase, working closely with buyer and seller and respective counsels through due diligence and the HUD loan assumption processes, leading to a smooth operational transition and closing.
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