Transactions & Financings: VIUM Closes on $350M in Financings; K4Connect Raises Over $8M

Sales

JLL Capital Markets arranges sale of Oklahoma community

JLL Capital Markets arranged the sale of a 105-unit community in a suburb of Tulsa, Oklahoma, representing seller Prevarian Senior Living and procured the buyer, TULAF3 LLC.

Prairie House will be managed by Legend Senior Living, an affiliate of the buyer.

SLIB facilitates sale of Illinois community

Senior Living Investment Brokerage (SLIB) announced the sale of Evergreen Place and The Legacy near Peoria, Illinois.

This particular asset was part of a larger portfolio of skilled nursing facilities that was for sale. The seller of this building, who is buying the remaining portfolio, elected to carve out Evergreen because they don’t specialize in AL/MC. They wanted to focus attention on core skilled nursing communities, SLIB said.

SLIB assists on sale of Iowa community

Senior Living Investment Brokerage (SLIB) announced the sale of an AL and memory care community in Lenox, Iowa.

The 40-unit community was sold by a local operator looking to exit senior living and the buyer is a joint venture between an East Coast investor and a growing Midwest operator, SLIB said.

This property is the second acquisition in the state of Iowa for this JV, with several others in the pipeline.

SLIB facilitates sale of Georgia community

Senior Living Investment Brokerage (SLIB) facilitated the sale of an AL and memory care community in Buford, Georgia.

The 77-unit facility is just over 51,000-square-feet and is on a 3.5-acre property. The buyer is a Florida-based operator and plans to renovate the community. The Seller was a private REIT that had purchased this asset as part of a larger portfolio and was an operational outlier.

SLIB’s Brradley Clousing and Daniel Geraghty handled the transaction.

Brekadia completes sale

Berkadia announced the sale of Brighton Gardens of Brentwood, a 113-unit, AL and memory care community in Brentwood, Tennessee.

Managing Directors Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare led the transaction on behalf of the seller, Indianapolis-based Prime Care One, LLC. The buyer was a joint venture of two investor groups, and the deal closed on June 15.

Acquisitions

Blue Vista Capital Partners acquires Tennessee community

Blue Vista Capital Partners announced the closing of an acquisition of an apartment complex in eastern Tennessee.

The partnership with Standifer Capital results in the acquisition of Stoneybrook Heights Apartments, an 88-unit community in Johnson City, Tennessee.

CBRE arranges financing for acquisition

CBRE arranged acquisition financing for the Vitality Living Nashville Portfolio on behalf of Winterpast Capital Partners, Scribner Capital and Broadview Real Estate Partners.

Vice Chairman of CBRE National Senior Housing Aron Will, Vice President of CBRE National Senior Housing Tim Root and Senior Analyst of CBRE National Senior Housing Michael Cregan arranged the financing. Vitality Living, WCP’s wholly-owned operating platform, will operate the communities under a traditional third-party management agreement.

VIUM Capital closes 11 financings in 2Q

VIUM Capital closed 11 financings totaling $350 million in the second quarter of this year.

The projects included bridge, HUD, and tax-exempt bond financings for 57 separate properties in ten states spanning from Oregon to Virginia.

This performance follows a fast-paced first quarter in which the firm closed a $1.1 billion first-of-its kind securitization and made several key hires, including a head of asset management.

VIUM projects significant HUD loan activity in the second half of the year with 19 projects currently submitted to HUD totaling approximately $165 million, and an additional 31 projects engaged for HUD totaling over $300 million. VIUM is also on pace to close a dozen bridge transactions in Q3 totaling over $280 million.

JLL Capital Markets announces financing for active adult project

JLL Capital Markets announced it arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury active adult community.

JLL represented borrower The Kaplan Companies in securing the seven-year fixed rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Associate Michael Meisner.

CBRE arranges refinancing of Oregon community

CBRE arranged a refinancing for The Springs at Tanasbourne, a Class A senior living community in Hillsboro, Oregon on behalf oa joint venture between an institutional partner and The Springs Living.

Vice Chairman of CBRE National Senior Housing Aron Will, Vice President of CBRE National Senior Housing Matt Kuronen and Senior Analyst of CBRE National Senior Housing Michael Cregan arranged the financing.

Refinancings

Walker & Dunlap arrange refinancing

Walker & Dunlop arranged $30.9 million in refinancing for Clark Manor last month.

Amenities of Clark Manor include short-term post-hospital physical rehabilitation, full-time physical, occupational and speech therapists as well as a secure dementia and a floor for elevated memory care needs.

Walker & Dunlop’s Joshua Rosen and Brad Annis led the origination team.

Investment

K4Connect raises over $8M from investors

Technology firm K4Connect raised $8.9 million from investors, according to a recent Securities and Exchange Commission filing.

The filing notes that the money came from 14 investors. Last year, the company announced it had raised $12 million in venture capital funding from existing and new investors since the start of the Covid-19 pandemic.

Some of the investors from the previous venture capital raise included figures in the senior living industry: BPOC Founder and Omega Healthcare Investors co-founder William Petty, CoastWood Senior Housing Partners President Daniel Decker and RSF Partner and National Investment Center for Seniors Housing & Care Chairman Kurt Read.

Management transitions

Watermark managing Washington community

Watermark Retirement Communities is now managing the Watermark at Bellevue.

Concurrent with this shift in management, construction is being done on a new IL building adjacent to The Watermark at Bellevue, which will bring 155 units of IL apartments as well as a slate of engaging activities to the campus in 2024.

The Watermark at Bellevue spans over 132,000 square feet with 110 assisted living apartments and 26 memory care apartments, the latter encircling a central courtyard.

Iredell Adult Day Services enters management agreement with EveryAge

EveryAge now has a management agreement with Iredell Adult Day Services, formerly known as ElderCenter.

The management agreement leverages EveryAge’s administrative, operational, and healthcare expertise to help IADS bolster senior care and to help IADS achieve Adult Day Health certification. This additional certification will permit the center to offer health care monitoring, education, assistance, and counseling to participants and caregivers.

Exchanges

Regional Health Properties announces final results and closing of exchange offer

Regional Health Properties (NYSE: RHE) announced the final results and closing of its previously commenced offer to exchange all of the company’s outstanding 10.875% Series A Cumulative Redeemable Preferred Shares for newly-issued shares of the company’s 12.5% Series B Cumulative REdeemable Preferred Shares.

On June 30, 2023, in exchange for each such share of Series A Preferred Stock, participating holders of Series A Preferred Stock received one share of Series B Preferred Stock, resulting in the issuance of over 2.25 million shares of Series B Preferred Stock, and 559,263 shares of Series A Preferred Stock did not participate in the Exchange Offer and remain outstanding.