Dwight Capital ended 2020 with a bang, with more than $117 million of healthcare financings closed during the fourth quarter. The volume included a few bridge acquisition loans for senior care facilities across the country, starting with $15 million in bridge and mezzanine debt for the acquisition of three assisted living/skilled nursing facilities in Kansas. Adam Sasouness originated the transaction as well as a $13.95 million bridge loan for the Laurels Portfolio, which consists of three properties in northeast Ohio with 313 beds of assisted living and skilled nursing.
Previously owned by a REIT, the facilities were originally built in the 1960s and 1970s, with significant renovations and upgrades made since 2015. Consolidated performance and census were steadily improving until COVID-19 hit, a story all-too-familiar with operators across our industry. An East Coast-based equity investor utilized the bridge loan to acquire the facilities for an undisclosed price. Blueprint Healthcare Real Estate Advisors handled the sale.
Other bridge loans included an $11.5 million loan for a 100-bed skilled nursing facility in Eastman, Georgia, a $6.4 million loan for an 86-bed assisted living/skilled nursing facility in Plainview, Minnesota, a $6.0 million loan for a 140-bed assisted living/skilled nursing facility in Beloit, Kansas, $4.5 million for a 136-bed SNF in Green Bay, Wisconsin, $4.0 million for a 116-bed SNF in San Marcos, Texas, $3.95 million for two skilled nursing facilities totaling 112 beds in Ohio, and a $2.1 million loan for a 93-bed SNF in Lacon, Illinois. In addition, the New Jersey-based buyer of a 154-bed SNF in Pawtucket, Rhode Island obtained a $7.5 million loan for the property’s acquisition. Built in 1978, expanded in 1997 and renovated in the early 2000s, it was previously owned by a REIT. Again, Blueprint handled the sale.
Dwight Capital also closed a number of HUD refinances. Two SNFs totaling 219 beds in Massachusetts obtained $11.46 million in HUD debt that was structured with a four-year prepayment penalty. Adam Offman originated the deal. Several more SNFs obtained HUD debt, including two facilities with 145 beds in Minnesota that received $13.1 million in loans and a 120-bed SNF in Union, Missouri obtaining $6.1 million of debt. Finally, a 50-bed assisted living/memory care community in Garden Ridge, Texas secured a $4.8 million HUD loan. All of the HUD loans featured terms ranging from 30 to 35 years.
