Dwight Capital Announces the Closing of $13+ Million in Bridge Financing on a Three SNF Portfolio
NEW YORK–Dwight Capital is pleased to announce the closing of $13+ million in bridge financing on a three SNF Portfolio (270 beds) located across Tennessee. The facilities—Brookhaven Manor, Countryside Healthcare and Rehabilitation, and Huntsville Manor—are located in Kingsport, Lawrenceburg and Huntsville, respectively, and offer both long and short term 24-hour nursing care. Dwight financed $12,318,000 in bridge acquisition financing as well as an additional $855,000 in mezzanine financing, representing a combined total of 90%+ of the purchase price.
Dwight Capital also recently financed several other facilities, including:
A $3,300,000 bridge loan on Windsor Health and Rehabilitation Center, a 108-bed skilled nursing facility located in Windsor, CT. The loan equates to 90%+ of the purchase price.
$4,016,000 in bridge financing for Beehive Homes of West Jordan, a 50-bed assisted living facility located fifteen minutes south of Salt Lake City. The loan allowed the borrower to pay off approximately $3.2 million in existing debt.
$1,870,000 in bridge financing on Forest View Center an 87-bed skilled facility in Dayton, OH. The acquisition price was $1,800,000 and owner had a $500,000 renovation budget, which equates to an 81% loan-to-cost.