Blueprint executes concentrated campaign to secure maximum value for REIT client in face of pandemic
- 120-bed skilled nursing facility located in the Appalachian town of Pikeville, Kentucky along the Levisa Fork of the Big Sandy River
- Built in 1979 and renovated in 1987, the facility featured mostly semi-private room accommodations
- The facility maintained steady census levels above 90% and generated consistent revenues exceeding $9 million even with relatively high insurance costs
- The operator was motivated to exit after previously engaging in a sale process prior to the REIT’s acquisition and subsequent leaseback of the facility through a larger portfolio transaction completed in Q4 2019
- Blueprint utilized a focused marketing strategy on behalf of the REIT seller and approached five pre-selected buyer prospects that ultimately resulted in three competitive offers
- The seller and Blueprint secured above market transaction terms at an attractive price point from a local operator eager to grow its presence in Eastern Kentucky
- Blueprint kept all parties on track, including the lender, to successfully close the transaction through considerable operational and regulatory challenges facing the industry due to the pandemic