Dwight Capital’s first quarter is in the books, and it was an active three months for them to say the least. The firm financed $121.6 million across 12 transactions, including four HUD loans, seven bridge financings and one additional financing.
Starting with the HUD deals, Dwight Capital first closed a $21.3 million loan for a 195-bed skilled nursing facility in Long Grove, Illinois. Built in 1996, the facility received a substantial renovation in 2016 and now includes a therapy gym, family lounges, spa and salon services, and sound proofing to promote rest. It last sold in 2016 to Cascade Capital Group for around $14.4 million, or close to $75,000 per bed. After the deal, Legacy Healthcare started operating the facility and has clearly helped increase the property’s value. Adam Offman originated the transaction, which featured a 35-year term.
Mr. Offman was then joined by Adam Sasouness to originate a $20.2 million HUD loan for a portfolio of six skilled nursing facilities with 332 total beds in Ohio. The financing came with a 33.75-year term. Mr. Offman also worked with Avi Lifshitz to provide a 35-year $15.4 million HUD loan for a 255-bed skilled nursing facility in Henderson, Nevada. Dwight Capital wrapped up its quarter’s senior care HUD activity with a 30-year $4.0 million loan provided for a 51-bed SNF in Ridgway, Illinois.
Dwight Capital also closed a number of bridge loans which will be used for a variety of purposes. There were several refinances, including $13.5 million provided for a 305-bed skilled nursing/assisted living portfolio in Florissant and Springfield, Missouri, and a $7.6 million loan for a 101-bed skilled nursing/assisted living facility in Faribault, Minnesota. There was also $6.5 million in financing for the construction of a 60-bed substance abuse treatment facility in Richmond, Virginia.
Finally, there were several acquisition loans, the largest totaling $12.67 million and secured across a 435-bed skilled nursing portfolio located across southeast Oklahoma. Dwight Capital also arranged an $8.5 million bridge loan to support the acquisition of a 60-bed assisted living community in Rome, New York, and a $5.37 million loan for an 87-bed SNF in Aurora, Illinois. The last transaction saw Dwight Capital secure both a $7.5 million bridge loan and $750,000 in mezzanine financing for the acquisition of a 145-bed SNF in St. Louis, Missouri.
