Two California nursing homes were sold for $40.5 million in bridge financing to Kalesta Healthcare Group, aided by Greystone. Meanwhile, Dwight Capital provided bridge loan financing for three skilled nursing facilities in Rhode Island.

Dwight Financed $364M-Plus in March

Dwight Capital and its affiliate REIT Dwight Mortgage Trust closed on more than $364 million in real estate financings in March.

Among the financings were a bridge loan for three skilled nursing facilities in Rhode Island, which includes Overlook Nursing Home in Pascoag, Sunny View Nursing Home and Brentwood Nursing Home, both in Warwick.

The three nursing homes span more than five acres and consist of 250 beds across 100,000 square feet. The loan was used to refinance existing debt for a repeat client, the third financing deal for the client, Dwight said.

Adam Offman, managing director of health care finance for Dwight, originated the transaction.

Greystone Provides $40.5M for California Acquisition

Real estate finance company Greystone provided $40.5 million in bridge financing to Kalesta Healthcare Group for the acquisition and refinance of two skilled nursing facilities in California.

The properties total 219 licensed beds in the state, and the bridge loan carries a 24-month term with two six-month extension options, enabling Kalesta to complete the acquisition and also fund capital improvements.

Greystone will work to secure permanent HUD financing later this year.

“Our bridge-to-HUD program is one of the many ways we help clients in the skilled nursing space get the most out of their portfolio while providing quality housing to their residents,” said David Young, managing director for Greystone. “We work tirelessly—especially during uncertain economic cycles—to deliver creative solutions that achieve our client’s vision and are more attractive than competitor offerings.”

Financing was originated by Young and fellow Greystone Managing Director Christopher Clare, while Grant Goodman of G Capital served as Kalesta’s capital advisor.

“Greystone provided a best-in-class solution for this project,” said Goodman. G Capital ran an extensive capital markets process and the structure Greystone provided was the best option, he said.

Blueprint Advises Sale of Two Facilities in Arizona

Blueprint aided in the sale of two nursing homes in Mesa, Arizona, with both properties strategically located in high density areas that were in close proximity to multiple referral sources.

The brokerage firm was initially chosen to aid in the sale of a 204-bed facility but then another 122-bed facility was added by the owner, and both were sold for an undisclosed sum to Standard Bearer REIT, the captive real estate subsidiary of the Ensign Group (Nasdaq: ENSG).

Ensign, via Standard Bearer, was able to close on the transaction just 45 days after going under letter of intent (LOI), Blueprint said.

Blueprint positioned the sale as an opportunity for Ensign to improve occupancy levels, capitalizing on high-acuity Medicare referrals. In-demand ancillary services were also leveraged in the deal, including unit ventilators and bedside and outpatient dialysis.

The initial property put up for sale was generating $12.1 million in revenues and EBITDAR of $1.2 million, despite operating below market occupancy.

Majestic Care of Kent Sold for $4.45M

Majestic Care of Kent in Ohio was sold to an undisclosed buyer for $4.45 million, according to a report from the Record-Courier.

Majestic had just acquired the Kent property in January as part of a six-facility portfolio deal, the Perry County Tribune reported at the time.