Dwight Capital pulled off a $7.75 million bridge loan for a pair of skilled nursing facilities in northwestern Tennessee: Douglas Health and Rehabilitation Center in Milan, Tenn. and Palmyra Health Care Center in Palmyra, Tenn.
The two-SNF portfolio consists of 145 total units, with 73 skilled nursing beds at the Palmyra facility and a mixture of nursing and assisted living units at the 72-bed Douglas property.
Adam Sasouness, managing principal at the New York City-based Dwight Capital, originated the loans, which are designed to serve as a temporary bridge to permanent financing through the Department of Housing and Urban Develpment’s 232 program for residential care facilities.
Private Equity Firm Buys Former StoneGate SNF
StoneGate Senior Living this week announced the sale of The Plaza at Richardson, a 124-bed skilled nursing facility in the greater Dallas area, to private equity firm O&M Investments.
The final purchase price was $6 million, according to the Chicago-based brokerage firm Heavenrich & Company, which handled the deal for StoneGate; that works out to about $58,000 per bed based on the current operational count of 104.
Built in 2006, The Plaza at Richardson was 83% occupied at the time of the sale, with a dedicated wing for skilled memory care.
Heavenrich & Company also recently brokered the sale of Lakewest Rehabilitation and Skilled Care, a 118-bed facility in Dallas, for StoneGate.
Pointe Picks Up a Pair in Massachusetts
The Pointe Group, a Norwood, Mass.-based skilled nursing and senior living provider, completed the acquisition of two facilities that it had been operating for a third-party receiver, according to a report from Wicked Local Wilmington.
Pointe formally took ownership of the Grosvenor Park Health Center in Salem, Mass. and the Woodbriar Health Center in Wilmington, Mass., renaming them as AdviniaCare Salem and AdviniaCare Wilmington.
“Our team has worked diligently to re-establish the sterling reputations of these health care centers within their respective communities,” Pointe director of operations Chris Hannon told the outlet.
The company had been overseeing the facilities since October on behalf of receiver KCP Advisory Group, which took over operations in July 2018 from the New Jersey-based Synergy Health Centers.
“We worked closely with Pointe Group Care during their tenure as manager of the Grosvenor Park and Woodbriar facilities, and their efforts during that period reflected a focus on resident care and a strong understanding of clinical, regulatory. and facility-related priorities,” Paul Valentine, senior managing at KCP Advisory Group, told the publication.
The pickups bring Pointe’s total portfolio of nursing homes in the Bay State to five, with the company eyeing a sixth acquisition in Brewster, Mass., according to Wicked Local Wilmington.