Blueprint Arranges Refinancing of 160-Bed Seniors Housing Portfolio in Washington State
KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State.
The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities.
Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with fully adopting the state’s Medicaid program to make quality care attainable for a wider subset of the local population.
VIUM, a national debt fund affiliated with Merchant’s Bank of Indiana, was chosen as the lender. The refinancing was structured to provide meaningful cash out today, an earnout for additional proceeds once the communities are fully stabilized, and a path to a non-recourse execution through HUD.