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Transactions & Financings: NIC Acquires VisionLTC Data Platform; Atlas Expands Footprint

The National Investment Center for Seniors Housing & Care (NIC) is strengthening its data analytics platform.

The industry group this week announced the acquisition of VisionLTC, a data analytics platform based in Raleigh, North Carolina. The platform will be integrated into the group’s NIC MAP data service to create a new platform, NIC MAP Vision.

The merged platform will be led by VisionLTC’s chief executive officer Arick R. Morton.

Sales and operator transitions

Cushman & Wakefield completes $25M sale of Oregon community

Cushman & Wakefield Senior Housing Capital Markets Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig and Director Dan Baker completed the $25 million, off-market sale of a 99-unit, 114-bed memory care community in a suburb of Portland, Oregon. The seller was a privately owned California-based national operator. The buyer is a growing regional owner/operator based in the Portland market.

Vitality Living assumes management of 3 communities

Vitality Living assumed management of three communities: Vitality Living Pleasant Hills in Little Rock, Arkansas; Vitality Living Village in Oklahoma City, Oklahoma; and Vitality Living Shadow Hills in Lubbock Texas. The transitions mark Vitality’s entry into Arkansas and Oklahoma, and expands its Texas footprint to three communities.

Atlas Senior Living adds 3 communities to portfolio

Atlas Senior Living assumed management of two communities in Florida: The Atrium at Boca Raton, an assisted living and memory care facility in Boca raton; and Lake Howard Heights, a community in Winter Haven offering independent living and assisted living. The management transition brings Atlas’ total number of communities in the Sunshine State to five.

Atlas also assumed ownership and operations of The Gordon at Southaven, an assisted living and memory care facility in Southaven, Mississippi. This brings the Birmingham, Alabama-based company’s total portfolio of owned and/or managed communities to 31 in seven states, as well as a community under construction in Texas.

1031 Crowdfunding acquires Idaho assisted living facility for $11M

An affiliate of 1031 Crowdfunding completed an $11 million acquisition of Aspen Valley Senior Living, an 80-bed.66-unit assisted living and memory care community in Boise, Idaho. The facility is operated by Compass Senior Living.

Bluestone Group JV completes $75M Virginia community acquisition

New York City-based real estate investor Bluestone Group acquired Imperial Plaza, a senior housing community in Richmond, Virginia, for $75 million, Richmond BizSense reports. Bluestone acquired the property in a joint venture with Brentwood Investment Group.

The new owners plan to renovate the property and rebrand it as Legacy at Imperial Village, an active adult community.

SLIB brokers 3 sales

Senior Living Investment Brokerage completed the following transactions:

  • Managing Directors Brad Clousing and Daniel Geraghty facilitated the sale of Amber Glen, a 46-unit assisted living and memory care facility in Gainesville, Georgia. The seller was a tenant in common sponsor. The buyer, a skilled nursing owner/operator, is looking to expand its assisted living footprint in Georgia.
  • Clousing, Geraghty and Managing Director Jeff Binder were the sole brokers in the sale of Brookdale Muscle Shoals, a 42-unit community in Muscle Shoals, Alabama offering assisted living and special care assisted living services. The buyer is a local partnership between an individual investor and operator.
  • Clousing and Vice President Dave Balow handled the sale of Colonial Place Assisted Living and Memory Care, a 70-unit facility — 21 of which are memory care — in Elkins, West Virginia. The seller is an out-of-state private equity group looking to dispose of the community as it was an outlier in its senior housing portfolio. The buyer is a local nonprofit skilled nursing operator, looking to expand its level of care.

LCB Senior Living acquires Massachusetts nursing home, will convert to assisted living

LCB Senior Living acquired Wingate at Norton, a skilled nursing facility in Norton, Massachusetts, the Sun Chronicle reports. The operator, also based in Norton, rebranded the community as The Residence at Great Woods, and will reposition it into an assisted living facility.

Foundry Commercial acquires Florida assisted living community for $14M

Foundry Commercial acquired Beach House Assisted Living & Memory Care, a seniors housing community in Jacksonville Beach, Florida featuring 64 assisted living units and 20 memory care units. This is the first Florida transaction completed as part of the Foundry’s new real estate joint venture with alternative asset manager, Fundamental Advisors, which provided the joint venture equity for the acquisition in partnership with Scribner Capital. Senior Living Investment Brokerage Managing Directors Brad Clousing, Jeff Binder and Matthew Alley were the sole brokers in the transaction.

HDG assumes management of 2 Wisconsin communities

Health Dimensions Group assumed operations of two former Brookdale Senior Living (NYSE” BKD) facilities in Wisconsin: Brookdale Appleton, an assisted living and memory care facility in Appleton; and Brookdale. Stevens Point, a community in Stevens Point offering independent living, assisted living, and memory care. The communities were rebranded Dimensions Living Appleton and Dimensions Living Stevens Point.

Berkadia completes $15M Florida sale

Berkadia Seniors Housing & Healthcare Group Investment Sales Lead Tim Cobb and Associate Director Brooks Minford completed the $15 million sale of The Willows of Wildwood, a 126-unit assisted living and memory care community in Oxford, Florida.

Financings

PGIM Real Estate completes 2 assisted living financing packages totaling $33M

PGIM Real Estate completed the following financing packages:

  • Executive Director Chris Fenton, Vice President Corley Audorff, Production Manager Catherine Eby and Senior Investment Associate Josh Williams completed a $21.9 million refinancing package on behalf of a nonprofit borrower, for a 238-unit assisted living and skilled nursing facility in Connecticut.
  • Audorff and Williams completed a $10.9 million refinancing package for a 141-bed assisted living, memory care and skilled nursing facility in Oregon. The loan included reimbursement to the borrower for previously completed renovations.

KeyBank completes $17M refinancing package for Bickford Senior Living

KeyBank Real Estate Capital (KBREC) secured $17 million of fixed-rate Federal Housing Administration loans for Bickford Senior Living, to refinance two healthcare properties in Iowa: Bickford of Davenport and Bickford of Marion. Bickford of Davenport consists of 42 beds — 35 for assisted living and seven for memory care. Bickford of Marion includes 38 beds — 31 for assisted living and seven for memory care.

The loan, which was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program, is structured with a fully amortizing 35-year term.

Berkadia completes completes $5M refinancing

Berkadia Seniors Housing & Healthcare Group Managing Director Ed Williams secured $5.16 million for 36 memory care units contained in six six-unit residential homes situated in two counties in central Florida. Berkadia processed the transaction as a scattered site loan under HUD’s 232/223(f) program.

Twain Financial Partners provides $14M ground lease financing for Louisiana senior apartments

Twain Financial Partners completed a $14.5 million ground lease financing package for the Villages of Imperial Pointe, a four-story, 129-unit apartment community for seniors in Lake Charles, Louisiana. The community is part of a larger health care campus, the Imperial Pointe Medical Center.

Proceeds will be used for the project’s construction. BridgeView Realty Capital will serve as owner’s rep, turn-key developer, and construction manager for the project.

Ratings Outlooks

Fitch assigns ‘BB+’ rating to Plymouth Place

Fitch Ratings assigned a “BB+” rating to $23.96 million in Series 2021A revenue refunding bonds issued by the Illinois Finance Authority to be issued on behalf of Plymouth Place, a life plan community in La Grange, Illinois.

Fitch also affirmed the “BB+” rating on $24.8 million in Series 2013 revenue refunding bonds, and $53.7 million in Series 2015 revenue bonds issued by the Illinois Finance Authority on behalf of Plymouth Place. The rating outlook is stable.

Miscellaneous

iN2L receives strategic growth investment from Vista Equity Partners

Senior living tech provider iN2L received a strategic investment from Vista Equity Partners, a global technology investor focused on enterprise software, data and technology-enabled businesses.

The capital will help iN2L further scale and accelerate its mission to impact the lives of older adults through industry leading technology-enabled engagement solutions. iN2Ls existing investors, the healthcare growth capital firm Hughes & Company and the strategic healthcare investment firm Chicago Pacific Founders, will continue as minority investors in the company.

The post Transactions & Financings: NIC Acquires VisionLTC Data Platform; Atlas Expands Footprint appeared first on Senior Housing News.

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