Transactions and Financings: PointClickCare announces Pharmacy Connect Launch; PruittHealth Acquires Brighton Gardens of Buckhead

Announcements

PointClickCare announces launch of Pharmacy Connect

PointClickCare Technologies, a healthcare technology platform, announced the launch of Pharmacy Connect, a service designed to simplify medication management for senior housing communities.

According to a press release, the service “bridges the collaboration and transparency gaps between pharmacies and senior living communities” by offering a streamlined solution to the process.

“Pharmacy Connect is more than just a new solution. It is comprehensive technology designed to enhance the quality of care, streamline operations and empower both pharmacy staff and senior living communities for greater success,” BJ Boyle, PointClickCare chief product officer said in the release.

Financings

Northwind Group provides $105M for two portfolios

Northwind Group, a real estate private equity firm and debt fund manager, announced on Feb. 5 that its Northwind Healthcare Debt Fund II originated two mezzanine loans totaling $105 million.

The loans were secured by two assisted living and skilled nursing portfolios totalling 25 properties.

The first loan is an $85 million mezzanine loan secured by 15 properties totaling in Virginia. The second loan is a $20 million mezzanine loan secured by 10 properties across the metro areas of Kansas City and St. Louis, Missouri.

BWE secures $46M for California community

Banking company BWE announced on Feb. 8 that it secured $46 million in permanent financing for Westmont of Cypress.

“In the current capital climate, it is critical to listen thoughtfully to our clients’ asset and portfolio level investment goals, so we can arrange the optimal financing strategy that supports their near-, medium- and long-term objectives,” Ryan Stoll, BWE national director of seniors housing and care said in a press release.

Located in Cypress, California, the community is a newly built 129-unit independent living, assisted living and memory care property.

JLL Capital Markets secures $51M in construction financing

JLL Capital Markets announced on Feb. 8 that it had secured $51.1 million in construction financing for a 50-unit active adult luxury condo development in Danville, California.

The development will be comprised of 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units.

The project is expected to be delivered in 2025.

Merchants Capital secures more than $175M for development of multifamily properties

Merchants Capital announced on Feb. 12 that it had secured more than $175 million in various forms of financing for Juniper Square, a senior housing community, and 67 Flats, a family housing development.

The key to the financing was $86.2 million in Freddie Mac low-income tax credit tax-exempt loans.

The projects are also supported by $89 million in equity bridge loans from Merchants Bank and $179 million in construction loans from Barclays Capital, Inc, and the project will maintain affordability through 2053.

Scribner Capital provides JV equity for senior housing acquisition

Scribner Capital, LLC announced on Feb. 7 that it worked with Foundry Commercial and Cascadia Senior Living to acquire The Village at Keizer Ridge.

The community was built in 2016. According to a press release, the business plan includes about $800,000 in capital investments to enhance the community.

The transaction marks Scribner’s 15th senior housing equity investment.

Transactions

Blueprint sources buyer for Richmond Heights Place acquisition

Blueprint sourced a buyer for Richmond Heights Place in Cleveland in less than 55 days.

The 138-unit community was sold as part of a strategic exit plan by the seller, a West Coast-based owner and operator.

The buyer is a private owner and operator looking to expand and increase operation leverage within the Midwest.

JLL Capital Markets arranges sale of three communities

JLL Capital Markets announced it arranged the sale of three senior housing communities across the St. Louis and Kansas City metropolitan areas.

The communities were acquired as part of a three-property portfolio by a venture of Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living.

Arrow Senior Living will be taking over operations of all three communities.

PruittHealth acquires Brighton Gardens of Buckhead

PruittHealth, family-owned organization, is expanding its senior living offerings in Georgia after acquiring Brighton Gardens of Buckhead.

Following the acquisition, the community is being rebranded to PruittPlace – Buckhead, and renovations are planned.

With the acquisition, PruittHealth now operates 108 senior communities and health care centers in five states.