Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed more than $364 million in real estate financing in March. Featured among the transactions were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island and a HUD 223(f) refinance for Skyview Heights in Washington State.
First, DMT closed a $50 million bridge loan for the acquisition of Silverwoods, a seniors housing community with 313 units in Toms River, New Jersey. The property comprises 46 one-story buildings and includes seven studios, 41 one-bedroom units and 265 two-bedroom units across 55 acres. Loan proceeds were used to finance the acquisition, fund an interest reserve, cover transaction costs, and purchase an interest rate cap for the borrowers, Mathias Deutsch and Isidore Bleier. The transaction was arranged by Moshe Feiner of Sevenstone Capital.
DMT also provided a $32 million bridge loan to refinance a three-property skilled nursing portfolio in Rhode Island. The portfolio includes Overlook Nursing Home in Pascoag, Rhode Island, and Sunny View Nursing Home and Brentwood Nursing Home in Warwick, Rhode Island. Situated on over five acres, these facilities feature 250 beds across 100,000 square feet. The loan was used to refinance existing debt for a repeat Dwight client, marking the third financing Dwight has closed for the borrower. Adam Offman, Managing Director of Healthcare Finance, originated this transaction.
