The capital markets certainly appear healthy again, and as such, Dwight Capital reported a very active third quarter with over $170 million in bridge and HUD loans for senior care properties. For the M&A comeback to really commence, lenders will need to be willing partners on those deals, and five of Dwight Capital’s recent closings went to fund acquisitions.
The largest was a $23.25 million loan for a 272-bed skilled nursing facility in Peckville, Pennsylvania. Bradley Clousing and Toby Siefert of Senior Living Investment Brokerage handled the sale, procuring 12 offers on the facility and closing the deal at the start of September. Built in 1974, the facility is licensed for 272 beds and underwent an addition in 1997. It has been well maintained over the years, but its owner decided to sell the property when its tenant announced that it desired to exit operations in the state. Another Pennsylvania-based skilled nursing owner emerged as the buyer, for an undisclosed purchase price. Dwight’s Adam Sasouness, originated the loan.
There was also a $17.1 million bridge loan closed for the acquisition of two skilled nursing facilities totaling 224 beds in Sebring, Florida and Pigeon Forge, Tennessee. Two other skilled nursing facilities changed hands thanks to acquisition loans, including a 145-bed facility in St. Louis, Missouri receiving a $10.4 million loan and a 119-unit SNF in Akron, Ohio getting an $8.9 million loan. Finally, two seniors housing communities sold thanks to a $7.4 million bridge loan. Both are located in Baltimore, Maryland, with one feature 68 beds of assisted living and memory care and the other featuring 36 AL beds.
Adam Offman originated a $22.2 million bridge loan to refinance a portfolio of three skilled nursing facilities across Wisconsin. Together, the facilities comprise 285 beds with a number of amenities and physician services. Dwight also closed a $4.75 million bridge loan for the refinance of a 108-bed skilled nursing facility in Windsor, Connecticut.
Lastly, Dwight Capital closed a couple of HUD loans. A 174-bed assisted living/skilled nursing facility in Beloit, Wisconsin received a $16 million loan, and a 60-bed AL/SNF in Pearl, Mississippi, got a $5 million HUD refinance.
