Dwight Capital financed $234.15 million in seniors and healthcare financings during the second quarter.
Dwight first closed a $94.3 million HUD loan for The Village at Gainesville, a large (and we mean large) senior living community located in Gainesville, Florida. This also was the largest healthcare 232(a)(7) loan closed in HUD’s history to date, which we covered in May. Set on 104 acres, the gated community features a total of 651 beds, including a majority of independent living beds with around 140 beds of assisted living and memory care. Originally built in 1986 and acquired in 1990 by the current owner, SantaFe HealthCare, the community has undergone substantial renovations over the years. Managing Principal, Josh Sasouness originated the transaction.
In more HUD news, Dwight provided an $8 million HUD refinance for Stoddard Baptist Nursing Home, a 164-bed SNF located in Washington, D.C. It also provided a $2 million HUD loan for Tranquility of Cartersville, a 25-bed AL community located in Cartersville, Georgia. The community was sold for an undisclosed price in October 2020 to a Northeast-based owner/operator. Occupancy was between 95% and 100% during the height of the pandemic but was sold due to the prior owner looking to exit the industry.
Dwight additionally provided bridge financing for several senior living communities. Senior Vice President of Healthcare Finance, Clint Miller, originated a $40.4 million bridge loan for the ALG Senior Living Portfolio, a 366-bed assisted living portfolio located across North Carolina. The transaction facilitates the refinance of Cleveland House, Hamlet House, Franklin House, Carteret House, and Danby House.
Dwight also financed a $29.75 million bridge acquisition loan for Edenbrook AL Portfolio, a 277-bed portfolio of three assisted living communities located in upstate Wisconsin: Lakeshore Manor, Mission Creek, and Bella Vista. Together, the properties have approximately 266,760 square feet. Managing Director, Adam Offman, originated this loan.
In addition to these featured transactions, Dwight provided a $56 million bridge refinance for a 1,550-bed portfolio of eight SNFs located across Illinois, along with a $3.6 million bridge acquisition loan for The Merriman, a 113-bed SNF located in Akron, Ohio.
