Dwight Capital and its mortgage real estate investment trust (REIT) affiliate Dwight Mortgage Trust ended the second financial quarter with $297.6 million in seniors and health care financings.
Notable transactions from Q2 included bridge loans for an eight-property SNF portfolio in Minnesota, along with New Jersey-based Riverfront Rehabilitation and Healthcare Center and continuing care retirement community (CCRC) Daughters of Miriam Center, according to a news release.
Dwight provided a $48 million bridge acquisition loan for the 729-bed Minnesota SNF portfolio, consisting of 343,525 square feet across 15 acres; a portion of the loan will be used for capital improvements.
Dwight also financed a $30.4 million bridge acquisition loan for the Riverfront property, a 180-bed nursing home that has recently been renovated.
Atlas Healthcare will use the $31 million in loan proceeds to acquire and rebrand the 210-bed, 13-acre Daughters property to Atlas Rehabilitation & Healthcare at Daughters of Miriam.
Other Q2 SNF transactions included the following bridge acquisition loans: $41 million for a 190-bed facility in New York; $27.25 million for 239-bed Beachside Center for Rehabilitation and Healthcare in New Smyrna Beach, Fla.; $18.6 million for 308-bed SNF and assisted living portfolio in Ohio and Wisconsin; $17.5 million for 115-bed SNF and assisted living facility Meridian Meadows in Idaho; $17.3 million for a 234-bed SNF portfolio in Minnesota; $16.75 million for a 240-bed SNF portfolio in Colorado; $12.53 million for 99-bed SNF Emerald Rehab and Healthcare Center in Pennsylvania.
Senwell Inks Deal on 4-Facility Portfolio
Senwell Senior Investment Advisors facilitated the sale of a four-facility SNF and assisted living portfolio in Ohio for an undisclosed amount.
The seller, an Ohio operator, chose to exit the nursing home and assisted living sectors to focus on its fast-growing ancillary business – primarily hospice.
Senwell saw “six attractive offers” for the portfolio, with recent Medicaid increases and an influx in SNF occupancy creating additional upside upon closing, according to a news release announcing the deal.
The buyer is a regional operator with several recent acquisitions in Ohio.
Managing Partners Ben Bohland and Brandon Bohland facilitated the transaction.
ESI Represents Seller in NJ Nursing Home Deal
Evans Senior Investments (ESI) helped in the sale of a nursing home in Clark Township, N.J. for an undisclosed price.
The facility has all private or semi-private rooms and offers ventilator care for up to 10 residents. At the time the facility was marketed it was 56% occupied, which brought on a “significant net operating income loss.” This compared to 85% occupancy before the pandemic — with a large mix of private pay and post-acute rehabilitation residents.
ESI represented the seller, a regional owner/operator, who sought to divest the property due to the physical distance from the rest of its portfolio, according to a news release.
“This transaction presented an exciting opportunity for a new ownership group to reposition the community for ventilator patient care,” ESI President and Founder Jason Stroiman said in the release.
The buyer was an East Coast-based owner-operator of skilled nursing communities.
BMO Acts As Administrative Agent for $145M Term Facility
BMO Harris Bank’s Healthcare Real Estate Finance group closed on a $145 million two bank participation for LCS and Westminster Capital to recapitalize continuing care retirement community (CCRC) Sagewood.
Located in Phoenix, Ariz., Sagewood offers 78 SNF beds, as well as 417 independent living units, 44 assisted living units and 28 memory care units.
Companies featured in this article:
BMO Financial Group, Dwight Capital, Dwight Mortgage Trust, Evans Senior Investments, Senwell Senior Investment Advisors
