Private Equity Real Estate Advisory
The Behavioral Health Platform You're Acquiring Has Real Estate.
We handle it.
The Short Version
What BHP Does for PE Sponsors
Behavioral Health Properties provides real estate advisory to private equity sponsors acquiring behavioral health platforms. BHP supports two points in the deal: pre-close real estate diligence support, where BHP confirms zoning and surfaces regulatory, licensing, lease, and facility-condition risk for the deal team and counsel; and post-close sale-leaseback execution that recaptures capital from owned real estate. One advisory relationship spanning diligence through monetization, built for detox, residential SUD, PHP/IOP, and mental health platforms.
Most PE deal teams underwrite behavioral health operations well. The real estate is a different problem , licensing dependencies, zoning restrictions, and CON requirements that do not appear in a standard property report. BHP translates what your deal team knows about the business into what you need to know about the property.
Two Points of Engagement, One Relationship
Pre-Close: Real Estate Diligence Support.
Before you sign, BHP confirms zoning and permissible levels of care through its retained land use counsel, and surfaces lease structure risk, facility condition relative to licensing standards, and potential licensing and CON considerations for your deal team and counsel to diligence. BHP flags what a generalist team misses and gets it to the right specialists early , it does not substitute for your regulatory and legal diligence, and does not render CON or licensing determinations.
Post-Close: Sale-Leaseback Execution.
After close, owned real estate on the platform balance sheet is illiquid equity. BHP structures and executes sale-leasebacks that recapture that capital at institutional terms , long-term absolute NNN with market-standard escalations , without disrupting operations or licensure. Executed before exit, this also cleans up the balance sheet and removes real estate risk from the operating-company valuation.
Why Sector Expertise Matters in PE Diligence
Licensing real property dependencies can vary by state and facility type, and in some cases a change in ownership or lease structure may trigger relicensing. These are operator-specific questions for counsel; BHP helps flag them early.
CON states may require separate approval for transactions involving licensed beds; surfacing the question early avoids a restructure after LOI. Applicability is confirmed through your diligence, not by BHP.
Zoning conditional use permits often carry operational restrictions , census caps, hours, parking , that survive a sale and are not visible in title. BHP confirms zoning and level-of-care fit through its retained land use counsel.
Sale-leaseback pricing for behavioral health NNN varies by facility type, tenant credit, and structure; generalist pricing leaves value on the table.
Who We Serve
Private equity sponsors investing in behavioral health
Strategic acquirers , health systems and large operators
Family offices with a healthcare focus
Behavioral health platform companies under PE ownership
Common Questions From Sponsors
When should we bring in real estate advisory on a behavioral health deal?
Ideally before or during diligence. Real estate issues such as zoning fit, potential CON considerations, licensing dependencies, and lease liabilities are cheapest to flag before LOI and most expensive to discover after signing. BHP confirms zoning through its retained counsel and surfaces the rest for your team to diligence, and adds the most value early.
How does a sale-leaseback create value in a PE platform?
A sale-leaseback converts owned real estate into deployable capital, reduces equity tied up in property, and , executed before exit , removes real estate risk from the operating-company valuation, often making the platform easier to sell at a stronger multiple.
Can BHP support add-on acquisitions across a platform?
Yes. BHP provides site evaluation, zoning confirmation through retained land use counsel, early flagging of regulatory considerations, and real estate diligence support for add-on acquisitions, and can structure portfolio-level sale-leasebacks across multiple platform sites.
Does BHP work alongside our existing deal team and counsel?
Yes. BHP supplies the behavioral-health-specific real estate expertise that complements your deal team, transaction counsel, and lenders, and coordinates directly with them through diligence and close.
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Executing a Behavioral Health Transaction?
BHP helps sponsors maximize value and minimize risk in the real estate component of the deal , before LOI, during diligence, or post-close.
Last updated: August 2026