Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed $521 million in seniors housing financings during the first quarter. The transactions included significant bridge and HUD loans for skilled nursing facilities and assisted living communities in multiple states.
DMT provided a $54.6 million bridge loan to finance the acquisition of a six-property, 925-bed skilled nursing portfolio in Pennsylvania. The properties include Hampton House (Wilkes Barre), Kingston Rehabilitation (Kingston), Pottsville Rehabilitation (Pottsville), Williamsport Bort and South Rehabilitation (Williamsport) and Yeadon Rehabilitation (Yeadon). In conjunction with the bridge loan, Dwight Healthcare Funding provided a $7 million working capital line of credit with an accordion feature up to $15 million, supporting day-to-day operations across all properties. Adam Offman originated this transaction for repeat client Eden Senior Care.
Dwight closed a $20 million HUD 232/223(f) refinance for Willow Brook Rehabilitation and Healthcare Center, a recently renovated SNF in Kutztown, Pennsylvania. The 140-bed facility spans 53,000 square feet on four acres. Proceeds from the HUD loan, also originated by Offman, were used to retire existing debt and support ongoing capital improvements.
There were several additional, notable first quarter seniors housing closings. Dwight closed a $50.6 million bridge refinance for a 275-bed portfolio featuring four SNFs in the Southern U.S., including a $15 million revolving line of credit. The company also closed a $48.8 million HUD 232/223(f) loan for a 240-bed SNF in New York, a $37.4 million HUD 232/223(f) loan for a 163-bed assisted living community/SNF in Maryland, a $31.9 million bridge refinance for a 250-bed portfolio of three SNFs in Pascoag and Warwick, Rhode Island, and a $25.5 million bridge refinance for a 280-bed portfolio of three SNFs in Abbotsford, Beaver Dam and Watertown, Wisconsin.
Other closings include a $15 million bridge refinance for a 358-bed portfolio of three SNFs in Brookshire, Floresville and Giddings, Texas, a $13.8 million bridge refinance for Green Hill Senior Living and Rehabilitation (a 215-bed AL community/SNF) in West Orange, New Jersey, and a $13 million bridge refinance for a 150-bed SNF in Connecticut. Dwight additionally facilitated a $10.4 million HUD 232/223(f) loan for Continental Manor (a 59-bed SNF) in Blanchester, Ohio, and a $10.2 million HUD 232/223(f) loan for Brentwood by the Bay (a 74-bed AL community) in Warwick, Rhode Island.
