Dwight Capital and Dwight Mortgage Trust Close Impressive Q1:25 Activity
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... Read More »
Maryland-Based Owner Receives Two Separate HUD Financings
Berkadia arranged two loans totaling $18 million through HUD’s 232/223(f) program for a Maryland-based owner of skilled nursing facilities and a repeat Berkadia client. First, Bianca Andujo secured a $6.4 million HUD loan for a 110-bed SNF in South Carolina. The loan proceeds were utilized to pay off previous bank debt and partnership debt associated with the 2023 acquisition. Due to improved operations and increased reimbursement rates, the sponsor was able to recoup 100% of purchase costs with the refinance. Since acquiring, the facility has consistently operated at a stabilized occupancy rate of 95% or higher, which was maintained through underwriting and at the time of closing.... Read More »
PE Group Acquires in Kentucky
Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint facilitated the sale of an assisted living community in Richmond, Kentucky. The community was built in 2009 and comprises 49 private units. The seller was a New York-based regional owner/operator divesting to strengthen its portfolio. The buyer was a Midwest-based private equity group looking to expand its regional operating presence. The group sees an opportunity to improve operational performance and leverage economies of scale. Read More »
60 Seconds with Swett: April Already Passes 50 Transactions
Tariff turmoil? Volatile and still-high interest rates? Uncertainty surrounding Medicaid spending, labor costs and HUD’s queue length? Seniors housing and care dealmakers have looked past a lot of this noise to announce 50 transactions in the first three weeks of the second quarter, putting the market on track for the busiest M&A period ever. We know we sound like a broken record, but the start of April did feel like we reached a new level of activity, and given the conversations we’ve been having in the last few weeks, the second and third quarters may only accelerate in deal volume. For some sellers, seeing through the January 2025 rate increases was enough to enter the transaction... Read More »
Underperforming AL Community Secured for Behavioral Health Conversion
Blueprint’s behavioral healthcare team was engaged by a single-site residential behavioral healthcare provider in its search for a larger facility to meet its growth needs. The operator, a prominent first responder behavioral healthcare provider, acquired a former assisted living community near Park City, Utah, to expand its residential behavioral healthcare treatment capacity. The community was underperforming and primed for conversion given the ideal physical plant layout and substantial bed capacity. There was a limited geographic scope for relocation given the operator’s need to retain experienced and reputable staff in a lightly populated region. There were also zoning... Read More »
Washington SNF Receives HUD Refinancing
Berkadia’s Jay Healy Andrew Lanzaro arranged a $15 million loan through HUD’s 232/223(f) program for a California-based sponsor and repeat Berkadia client. The 35-year, non-recourse loan refinanced bank debt that was utilized to pay off the previous HUD loan and fund a new addition for the 99-bed skilled nursing facility located in Bothell, Washington. The new expansion will include 20 new private rooms, a therapy gym and a dining area. The 99-bed, four-star facility was originally built in 1964 and 1984. At closing, the property had a 56% quality mix. Read More »
Ziegler Handles Bond Financing
Ziegler announced the closing of Covenant Living Communities and Services $146.46 million Series 2025A tax-exempt bonds. The bonds were issued through the Colorado Health Facilities Authority. Ziegler and CLCS have been partners for over 30 years. CLCS is a not-for-profit organization established to operate a multi-site system of CCRCs on behalf of the Board of Benevolence of The Evangelical Covenant Church. It currently operates 20 communities in 11 states with over 5,900 total units, including communities inside and outside of the Obligated Group. Proceeds of the Series 2025A bonds will be used to fund approximately $85 million of new money project costs as well as to currently... Read More »
LTC Properties Welcomes Dave Boitano
LTC Properties appointed industry veteran, David Boitano, as Executive Vice President and Chief Investment Officer. This followed the promotion of Clint Malin to Co-Chief Executive Officer in December 2024. Boitano has spent most of his seniors housing and healthcare finance career at Ventas, sourcing investments, including RIDEA, with direct underwriting responsibility for more than $5 billion in transactions. He is well liked in the industry and should be a very good fit with the LTC team. LTC’s investment portfolio currently includes 189 properties in 25 states with 30 operating partners. The company is expanding its RIDEA platform. Read More »
Helios Healthcare Advisors Handles Refinancing
Helios Healthcare Advisors structured and arranged a credit facility used to refinance and consolidate existing senior debt as well as to provide construction financing for a new development. The facility was secured by a portfolio of nine assisted living and memory care communities in Louisiana. A New Orleans-based regional owner/operator engaged Helios as its financial advisor to consolidate its existing debt and capitalize a stabilized, under-levered portfolio to support the development of three new communities in the New Orleans and Baton Rouge markets. The facility was structured with a publicly traded regional lender as a 70% loan-to-value refinance secured by the nine existing... Read More »
Live Oak and Berkadia Team Up on Bridge Loan
Live Oak Bank recently closed a $34.3 million bridge loan in partnership with Berkadia Commercial Mortgage for a two-property portfolio owned and operated by BrightSpace Senior Living. The communities are located in the Nashville, Tennessee, and Boise, Idaho MSAs. The loan was structured in an A/B arrangement, with Berkadia funding the subordinate debt, and features a two-year, interest-only term. Loan proceeds were utilized to retire existing bank debt and support ongoing capital expenditures. Read More »Schedule a demo
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