$12M Skilled Nursing Refinance in Illinois; Dwight Capital’s $121.6M Quarter

Cambridge Realty Capital Companies provided a $12 million loan, backed by the Department of Housing and Urban Development (HUD), to refiance the Alden Alma Nelson Manor skilled nursing facility in Rockford, Ill.

The Chicago-based Cambridge originated the loan through HUD’s 232 program, which provides long-term financing for SNFs and other residential care facilities; the fully amortized Alden Alma Nelson Manor loan features a 35-year term, according to the lender and company president Jeffrey Davis.

The facility features 270 beds with a mixture of semi-private rooms and private suites, and provides 24-hour skilled care with a variety of specialties — including cardiac, pulmonary, and stroke rehab.


Dwight Capital’s $121.6M Quarter

The New York City-based Dwight Capital announced $121.6 million in skilled nursing and assisted living closings to kick off 2021, including a $20.2 million HUD-backed refinance loan for six facilities in Ohio known as the Northwood portfolio.

The 332-bed portfolio includes Northwood Buckeye Terrace, Country Meadow Care Center, Crestline Nursing Center, Legends Care Center, The Pinnacle Rehabilitation and Nursing Center, and Whispering Hills Care Center. Dwight Capital managing director Adam Offman and managing principal Adam Sasouness originated the Northwood portfolio deal.

Offman additionally led the deal to close a $21.3 million HUD-backed loan on Avantara Long Grove, a 195-bed SNF in Long Grove, Ill.; the facility had been renovated in 2016 and features a therapy gym, spa, and soundproofing.


The lender also closed a $15.4 million loan for the TLC Care Center in Henderson, Nev., with aa total of 255 beds. Offman and Avi Lifshitz handled the TLC deal.

Among the other Dwight Capital skilled nursing deals closed during the first quarter:

  • A $13.5 million bridge loan for the Florissant and Spring Valley Health and Rehabilitation Centers, with a total of 305 skilled nursing beds and assisted living units, in Missouri
  • A $12.7 million bridge loan for the 435-bed Red River portfolio of skilled nursing facilities in Oklahoma
  • A $7.6 million bridge loan for Pleasant Manor, a 101-bed combination SNF/assisted living facility in Faribault, Minn.
  • A $7.5 million bridge loan and $750,000 mezzanine loan for the 145-bed Landsdowne Village in St. Louis
  • A $5.4 million bridge loan for the 87-bed McAuley Manor in Aurora, Ill.
  • A $4 million HUD-backed loan for the 51-bed Gallatin Manor in Ridgway, Ill.

Blueprint Turns Two in Ohio

Blueprint Healthcare Real Estate Advisors recently announced its involvement in a pair of skilled nursing transactions in Ohio.

First up, the Chicago-based brokerage handled the sale of a 99-bed SNF in Northeast Ohio for a regional owner-operator. The transaction was disrupted by the COVID-19 pandemic, with the original buyer pausing the deal; that same party eventually re-emerged as the winner of a three-investor bidding process. Managing director Connor Doherty and associate Ryan Kelly handled the transaction for Blueprint.

The brokerage also oversaw the sale of Hickory Creek of Hicksville, a 61-bed SNF in Defiance County, Ohio — about 40 minutes away from Fort Wayne, Ind. Blueprint represented the former owner, a real estate investment trust (REIT) that was leasing the property to a non-profit operator, in an off-market deal.

Doherty, Kelly, and senior managing director Michael Segal oversaw the Hickory Creek transaction.