Dwight Capital Closes Multiple Skilled Nursing Deals in March; SNF/IRF Combo Rises in Arizona

Dwight Capital, a commercial real estate finance firm based in New York, closed several transactions for skilled nursing facilities in the month of March.

These included a $3.3 million bridge loan for the 82-bed Victory Health and Rehabilitation Center in Minneapolis, which was bought from a health care real estate investment trust (REIT), and a $3.6 million bridge loan for the 121-bed Sunny Ridge Rehabilitation Center in Sheboygan, Wis., which was purchased from a Midwest regional operator.

Other transactions for Dwight Capital in March included a $15.2 million bridge loan for the 156-bed Magnolia Creek SNF in Covington, Tenn., where the regional operator that owns the facility will use the proceeds to pay off existing debt and fund upcoming acquisitions; and an $8.5 million bridge loan for the 110-bed Beech Tree Manor in Jellico, Tenn.

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New Jersey Operator Expands in Ohio

An owner-operator based in New Jersey purchased a 99-bed SNF in Newark, Ohio, from a California-based private equity group and local operator looking to exit the Buckeye State.

The purchase price was $6.7 million; Blueprint Healthcare Real Estate Advisors’ Connor Doherty and Ryan Kelly facilitated the transaction. The Chicago-based brokerage firm marketed the facility as a solid cash flow opportunity with some turnaround potential; the sale process eventually drew multiple bids.

Arizona Health Care Network to Open Post-Acute Facility

Northwest Healthcare will open a post-acute facility on its Northwest Medical campus in Tuscon, Ariz., ABC affiliate KGUN 9 reported. The center will have a 30-bed sub-acute nursing facility and a 30-bed acute care inpatient rehab facility.

“The SNF/IRF combination will allow us to better manage high-risk patients who are leaving the hospital but are not yet ready to go home,” Northwest Healthcare regional president Kevin Stockton told the station. “Integrating this type of care into our system allows us to focus on all aspects of medical care that our patients require — not just what happens in the hospital, but how they recover once they leave.”

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