JAN BURMAN
THE BRISTAL PORTFOLIO TRANSACTION
We came to Senior Housing Investment Advisors with a fairly complex set of strictures.
The Bristal group of properties had a stellar reputation for providing exceptional housing and services—from independent living through Alzheimer’s care. It was an appropriate time for us to sell our portfolio. But for it to make sense, we needed to generate acquisition numbers that were far in excess of anything previously accomplished in the industry. It was also important to us that we retain management of our prime portfolio.
Realize that this was a $300 million portfolio. Marketing it required extensive industry contacts and the ability to find investors willing to go beyond pure numbers. They had to be looking for a strategic fit or a platform "play." They also needed to be sophisticated enough to recognize what our management team brought to the table and want to retain them.
(laughing) And then we told Mel that we would need to tie one hand behind his back.
This marketing process could not upset our staff or our residents. We needed to fly “below the radar,” exposing the offering only to select, appropriate organizations. We purposely didn’t go to a large brokerage firm that would run this as an auction. We wanted Mel, an industry insider, to represent our interests in a confidential, "By Invitation Only" approach to the sale.
Senior Housing Investment Advisors and its skillful transaction support team at HealthTrust were just amazing. They hit the ground running, Mel made the appropriate contacts, and, to facilitate the process, they prepared a sophisticated and secure web site. It had lots of steak—and just the right amount of sizzle.
We had the deal tied up at $290 million in a matter of weeks from going to market. And we had agreement for the Bristal management team to remain in place after closing. Mel not only helped us meet our financial goals, he brought us an institutional partner who recognized the value of our operating philosophy and who was seeking a long-term business relationship.
I can only say one thing. “Thank you, Mel.”
We came to Senior Housing Investment Advisors with a fairly complex set of strictures.
The Bristal group of properties had a stellar reputation for providing exceptional housing and services—from independent living through Alzheimer’s care. It was an appropriate time for us to sell our portfolio. But for it to make sense, we needed to generate acquisition numbers that were far in excess of anything previously accomplished in the industry. It was also important to us that we retain management of our prime portfolio.
Realize that this was a $300 million portfolio. Marketing it required extensive industry contacts and the ability to find investors willing to go beyond pure numbers. They had to be looking for a strategic fit or a platform "play." They also needed to be sophisticated enough to recognize what our management team brought to the table and want to retain them.
(laughing) And then we told Mel that we would need to tie one hand behind his back.
This marketing process could not upset our staff or our residents. We needed to fly “below the radar,” exposing the offering only to select, appropriate organizations. We purposely didn’t go to a large brokerage firm that would run this as an auction. We wanted Mel, an industry insider, to represent our interests in a confidential, "By Invitation Only" approach to the sale.
Senior Housing Investment Advisors and its skillful transaction support team at HealthTrust were just amazing. They hit the ground running, Mel made the appropriate contacts, and, to facilitate the process, they prepared a sophisticated and secure web site. It had lots of steak—and just the right amount of sizzle.
We had the deal tied up at $290 million in a matter of weeks from going to market. And we had agreement for the Bristal management team to remain in place after closing. Mel not only helped us meet our financial goals, he brought us an institutional partner who recognized the value of our operating philosophy and who was seeking a long-term business relationship.
I can only say one thing. “Thank you, Mel.”