Dwight Capital closed $291.46 million in seniors housing and healthcare financings during the fourth quarter of 2021, including bridge loans for the Certus Portfolio, Solaris Portfolio, and Epic Portfolio. These transactions were funded through the firm’s commercial mortgage REIT, Dwight Mortgage Trust.
Featured among Dwight’s Q4 closings are an $89 million bridge acquisition loan for a 1,352-bed portfolio of fifteen skilled nursing facilities located across Ohio. The borrower, Certus Healthcare Management, plans to invest in a capex plan to complete interior improvements across these properties.
In the Southeast, Dwight has seen a lot of activity. They closed a $48.28 million bridge acquisition loan for a portfolio of two skilled nursing facilities: Solaris Healthcare Lake Bennet and Solaris Healthcare Palatka, both in Florida. Together the facilities consist of 300 beds and over 100,000 square feet, and a portion of the loan will be used to improve the facilities. We learned that Blueprint Healthcare Real Estate Advisors handled the sale, which came to $51 million, or $170,000 per bed.
Dwight also originated a $38.8 million bridge acquisition loan for two SNFs in Tennessee and North Carolina: Holston Manor and Five Oaks Manor, together comprising 388 beds across 107,000 square feet. Also down south, they closed a $10.15 million bridge acquisition loan for Canton Nursing Center, a 100-bed SNF located in Canton, Georgia and a $10.4 million bridge loan for two SNFs with a total of 216 beds in Sylvania, Georgia and Ridgeland, South Carolina.
Dwight also provided a $23.5 million bridge refinance for Plainview Portfolio, consisting of two SNFs with a total of 158 beds in Wauchula and Fort Pierce, Florida. They originated two HUD loans last quarter: an $11.95 million loan for Heart of Georgia Nursing Home, a 100-bed SNF in Eastman, Georgia, and a $7.13 million loan for Green Prairie Rehabilitation, an 88-bed ALF/SNF in Plainview, Minnesota.
In the end, 2021 was Dwight’s biggest year to date, with more than $5.68 billion in closed real estate loans across 40 states, including $1.2 billion in interest rate reduction refinance loans.
As the market continues to become more aggressive, even with a recent rise in interest rates, will Dwight’s deal momentum continue through 2022? We’ll have to wait and see.
