Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, provided a $27.25 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility in New Smyrna Beach, Florida. Built in 1967, the facility offers short- and long-term care services. It was previously owned by Atlantic Avenue Facility LLC, an entity affiliated with Fort Lauderdale, Florida-based Millennium Health Systems, but a skilled nursing owner/operator has taken over the facility.
The loan comes with a 30-month term and was arranged at 75% loan-to-cost. Its proceeds will be used towards both the acquisition and capital expenditures at the facility. Dwight Mortgage Trust’s Managing Director Josh Sturm originated the transaction.
