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Blueprint successfully represented LTC Properties Inc. in the divesture of its Preferred Care Portfolio, which included approximately 2,500 beds across five states. Blueprint assisted LTC with the sales by identifying buyers for a series of transactions, leveraging the firm's broad market coverage and regional expertise to generate combined net proceeds to LTC of approximately $78 million.
The portfolio consisted of five facilities located in major markets and two in secondary locations - Blueprint highlighted each facility's upside potential for an incoming investor, including elevating the clinical profiles, identifying potential capital improvements, and implementing specific expense controls.
Through Blueprint's process, a buyer was identified who was attracted to the total number of beds that provided an immediate opportunity to capitalize on economies of scale as well as the substantial top line revenue of the portfolio.
Blueprint was actively involved throughout the entire transaction process, including the buyer's and its lender's due diligence. The transaction closed in the first quarter of 2020, representing the second of five transactions that made up LTC's Preferred Care Portfolio.
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