The team at Dwight Capital helped provide a $6.8 million bridge loan to fund the acquisition of a skilled nursing facility in Akron, Ohio. Originally built in 1984 with 174 beds, the facility was significantly renovated in 2008, and its bed count has decreased to 120 beds. It currently offers short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. An entity affiliated with the Plainview Group emerged as the buyer.
According to our database, the facility previously sold in 1993 for $5.9 million, or about $34,000 per bed, a relatively high value back then. With the lower bed count and a loan-to-cost of 85%, the per-bed value rises to more than $66,600 per bed.
