Dwight Capital Provides $4.5M Bridge Financing for Minnesota SNF Acquisition
Dwight Bridge Fund, which is managed by the New York-based Dwight Capital’s affiliated investment advisor, financed an assisted living facility (ALF)/skilled nursing facility (SNF) acquisition in Minnesota.
DBF provided a $4.5 million bridge loan for the purchase of Caledonia Rehabilitation & Retirement Center in Caledonia, Minn. The 66-bed ALF/SNF offers hospice care, memory care, post-surgical care, and rehabilitation therapy, as well as 24-hour skilled nursing care.
Mark Myers, the buyer, plans to work with Dwight Capital to secure a Department of Housing and Urban Development (HUD) 35-year permanent financing by the end of 2018.
Carnegie Capital Facilitates $10M in Acquisition Loans for Two Georgia SNFs
Texas-based Carnegie Capital sourced and structured $10 million in acquisition loans for the purchase of two SNFs in western Georgia with a total of 177 beds.
The financing is structured as a bridge-to-HUD loan and was financed at a full 80% loan-to-cost; the loan was also structured as interest-only, with no prepayment penalties. The facilities have a management team with a portfolio of almost 20 facilities in Georgia, Florida, and Ohio.
J.D. Stettin, managing partner at Carnegie Capital, arranged the transaction.
Cambridge Arranges $11M HUD Refinance Loan
Cambridge Realty Capital Companies arranged a $11.6 million HUD loan to refinance the 162-bed Glenwood Healthcare and Rehabilitation SNF in Glenwood, Ill.
The fully amortized, 30-year loan was arranged for the Illinois limited liability company that owns the property, Cambridge chairman Jeffrey Davis said in a press release announcing the deal.
Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in Federal Housing Administration-insured HUD loans, underwrote the transaction, which closed June 26.
Written by Maggie Flynn