Wyoming Springs represented the only seniors housing asset in One Liberty’s portfolio and was being operated by Senior Care Centers LLC who announced filing for Chapter 11 bankruptcy in late 2018. The asset was a newer seniors housing community in an up-and-coming suburb of Austin, Texas. Wyoming Springs had experienced years of successful operations until Senior Care Centers’ bankruptcy filing, at which point operations and performance were negatively impacted. Senior Care Centers then rejected its lease with One Liberty, and One Liberty was left in a difficult position to either re-tenant or sell the community.
One Liberty engaged Blueprint initially to run a process to re-tenant the community and was quickly directed toward an outright sale. Blueprint produced a competitive bidding environment yielding several offers from qualified buyers. A New York-based private equity fund looking to expand its seniors housing presence nationwide was selected as buyer. Blueprint was able to navigate the unique transaction and overcome challenging legal and procedural obstacles at every step, resulting in favorable outcomes for all parties.
The transaction was handled by Joshua Salzman, Esq. and Ben Firestone.