Dwight Capital and its affiliate real estate investment trust, Dwight Mortgage Trust, closed $521 million in long-term care financing in the first quarter of the year, the companies announced Thursday.
The transactions included several bridge and HUD loans for skilled nursing facilities across multiple states.
The largest transaction of the quarter was a $54.6 million bridge loan facilitated by DMT to finance Eden Senior Care’s acquisition of a six-property, 925-bed SNF portfolio in Pennsylvania. Additionally, the Dwight Healthcare Funding provided the owner with a $7 million working capital line of credit with an accordion feature up to $15 million. The line of credit is meant to help the owner with day-to-day operations.
Other notable transactions reported by the companies for the first quarter:
Additionally, Dwight arranged a $25.5 million bridge loan to refinance a 280-bed portfolio of three SNFs in Abbotsford, Beaver Dam and Watertown, WI; and closed a $20 million HUD 232/223(f) refinance for a recently renovated 14-bed SNF in Kutztown, PA. The Kutztown campus spans 53,000 square feet on four acres; proceeds from the loan will be used to pay down existing debt.
Also in the first quarter, Dwight financed:
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