Dwight Capital arranged a cash-out refinance for the owners of a 106-bed skilled nursing facility in Pikeville, Kentucky, paying off an acquisition loan that Dwight financed in 2018. Built in 1970 less than a mile from the 250-bed Pikeville Medical Center, the facility was previously owned by a publicly traded REIT and operated by Signature HealthCARE. It was well-maintained and over 90% occupied, but escalating liability insurance costs caused cash flow problems.

A partnership between an investor and an operator emerged as the buyer, and both entered the Kentucky market with the acquisition. The facility also was subject to a ground lease owned by a group of local investors. Blueprint Healthcare Real Estate Advisors handled the sale, sourced viable insurance coverage policy proposals for the incoming operator, and negotiated a buyout of the ground lease on behalf of the real estate buyer.

Fast forward to today, and Dwight Capital financed a $6 million cash-out loan for the partnership owners.