Dwight Capital Secures Two $20M+ Skilled Nursing HUD Loans; Helios Logs $27M Sale

Dwight Capital closed a $25.68 million Department of Housing and Urban Development (HUD) 232/223(f) loan for Graceland Rehabilitation and Nursing Center, a 221-bed skilled nursing facility located in Memphis, Tenn., and a $23.83 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed SNF located in the Bronx, N.Y.

The closings were part of more than $129.7 million in health care closings by Dwight during HUD’s third quarter, according to a press release from the firm.

Monticello’s $2M Working Capital Loan to Two Montana SNFs

The real estate and asset-based lender, asset manager, and servicer MONTICELLOAM, LLC and its affiliates provided a $2 million working capital loan to the operating companies for two SNFs in Montana.

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Monticello Commercial Capital, LLC, Monticello’s asset-based lending group, provided the financing.

Blueprint’s Receivership Sale in Massachusetts

Blueprint Healthcare Real Estate Advisors facilitated a two-transaction sale of four SNFs with a total of 572 beds, after being engaged by the facilities’ Massachusetts-based, court-appointed receiver.

The portfolio itself is located in eastern Massachusetts.

The buyer was a SNF operator with a focus on the Bay State and locations along the eastern seaboard; the company had served as an interim manager of the portfolio.

The transactions closed on October 1, and the buyer purchased all four facilities.

Helios Healthcare Advisors Structures $27M Sale of Texas SNF Portfolio

Helios Healthcare Advisors was engaged by a regional developer to facilitate and structure the sale of a 390-bed portfolio of three SNFs in the Houston metropolitan area. The purchase price was $27 million.

The operator that bought the SNFs is headquartered in Oklahoma and has a reputation for turnarounds of distressed SNFs, according to a press release from Helios. The facilities involved in the sale were built within the last 10 years, but the previous operator had problems with maintaining a quality census mix, along with staffing and clinical issues.

Strawberry Fields’s $4M Pickup in Illinois

Strawberry Fields REIT last week announced the $4 million purchase of Hope Creek Nursing and Rehabilitation Center, a 245-bed facility in East Moline, Ill.

The South Bend, Ind.-based Strawberry Fields leased the property to a firm consulted by Infinity Healthcare Consultants.

“The property was county-owned and they were looking to have a private operator take over,” Strawberry Fields CEO Moshe Gubin said in a statement. “We were very pleased to be selected to acquire the property and were chosen due to our solid reputation as a quality owner of skilled nursing properties in Illinois, leased to tenants with successful track records.”

Hope Creek was built in 2007, making it the newest such facility in the greater Quad Cities area — which spans the Iowa-Illinois border — according to Strawberry Fields.

Alex Spanko contributed to this report.

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