Belmont Lodge Healthcare Center, a 30,004
sq ft facility was sold to our Buyer, an owner-operator for $5.5 million. Our Buyer, expert in facility turnarounds efficiency recovered this 120-bed property form Medicare Special Focus. The property is the largest assisted living facility in Pueblo, Colorado.
Prior operations were cited by regulator and legal action by resident both occurring before our Buyer's interest in the Property. Seller included investors and clinicians with commitment to service. Prior operator was a national vendor. Our Buyer, experienced at the process of remedy of payor Special Focus and quality improvement, was a perfect fit for this Seller. All parties were focused on the "big picture". Negotiation was effective, everyone delivered on their tasks, attorneys "got along with each other", and the deal got done, on time as expected!
This was a win:win in the classic sense. Since new operations by our Buyer, which began a year before final closing acquisition of the Property, occupancy is up. Brokers from both sides were "in sync" and provided useful support to keep momentum and the deal on track. Very rewarding to have a complex deal go as planned and deliver value in the Brokerage role!