Dwight Capital has acquired Love Funding, the Department of Housing and Urban Development (HUD) subsidiary of Midland States Bank.
With the transaction, the New York-based Dwight becomes the largest dedicated Federal Housing Administration (FHA)/HUD multi-family and health care financing firm in the country, according to a press release from Dwight sent to Skilled Nursing News on September 2.
The Love Funding platform is set to be integrated into Dwight, while Midland States Bank will retain the existing Love Funding servicing portfolio.
“The Love Funding team is and has been well-respected in the FHA/HUD lending industry for decades, which is why we felt they would be a seamless fit within Dwight,” Adam Sasouness, co-CEO of Dwight Capital, said in the release. “This acquisition is a demonstration of Dwight’s commitment to build and maintain a HUD financing team that is unmatched in the industry.”
The terms of the deal were not disclosed.
Since January 2010, Love Funding’s skilled nursing volume came to 106 deals for $684.4 million, with assisted living clocking in at 56 deals for $331.7 million, a spokesperson for Dwight told SNN via email on Wednesday.
In terms of deals that encompassed skilled nursing, assisted living, independent living and memory care, Love closed 31 transactions for $336.5 million. It also closed 19 health care bridge loans totaling $167.4 million since 2013.
Dwight Capital has already facilitated several HUD loans in 2020, including a $12.4 million loan for the Manhattanview Healthcare Center in Union City, N.J.; a $6.8 million bridge acquisition loan for the 120-bed Canal Pointe Nursing and Rehab in Akron, Ohio; and a $14 million refinancing for Victoria Falls, a 164-bed skilled nursing and assisted living campus in Andover, Kansas.