Greystone provided $40.5 million in bridge financing to Kalesta Healthcare Group for the acquisition of two nursing homes in California. Meanwhile, Dwight Capital and its real estate investment trust affiliate closed on $521 million in financing for Q1.

Greystone Provides $40.5M in Bridge Financing for CA Portfolio

Commercial real estate finance company Greystone provided $40.5 million in bridge financing to Kalesta Healthcare Group for the acquisition of two California skilled nursing facilities, totaling 219 beds.

The $40.5 million interest-only, non-recourse loan carries a 24-month term with two six-month extension options, which allows Kalesta to complete the acquisition and fund capital improvements. Greystone looks to secure permanent HUD financing for the properties later this year, the finance company said.

“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,” Young said in a statement. “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 David Young and Christopher Clare, managing directors at Greystone. Grant Goodman, CEO of G Capital, served as Kalesta’s capital advisor for the transaction. Greystone’s Ben Rubin, Ryan Harkins, Parker Nielson and Liam Gallagher assisted on the transaction.

Dwight Finances $521M in Q1

Dwight Capital and its affiliate real estate investment trust Dwight Mortgage Trust have closed on $521 million in seniors housing financings during Q1, including bridge to HUD loans for skilled nursing facilities across multiple states.

Included in these financings was a $54.6 million bridge loan to finance the acquisition of a six-property, 925-bed nursing home portfolio in Pennsylvania for buyer Eden Senior Care, a repeat Dwight client. The properties include Hampton House in Wilkes Barre; Kingston Rehabilitation in Kingston; Pottsville Rehabilitation in Pottsville; Williamsport North and South Rehabilitation in Williamsport; and Yeadon Rehabilitation in Yeadon.

Dwight Healthcare Funding also provided a $7 million working capital line of credit with $15 million accordion feature to support day-to-day operations across the six nursing homes. Adam Offman, managing director of Healthcare Finance, originated the deal for Eden.

Another notable skilled nursing deal included a $20 million HUD refinance for 140-bed Willow Brook Rehabilitation and Healthcare Center, also in Pennsylvania.

Still more skilled nursing deals facilitated by Dwight in Q1 included: a $50.6 million bridge refinance for a 275-bed, four-property portfolio in a Southern state; a $48.8 million HUD loan for a 240-bed facility in New York; $31.9 million bridge refinancing for three Rhode Island facilities with 250 beds total; $25.5 million in bridge refinancing for a 280-bed, three-facility Wisconsin portfolio; $15 million in bridge refinancing for a 358-bed, three-facility portfolio in Texas; a $13.8 million bridge refinance for Green Hill Senior Living and Rehabilitation, a 215-bed skilled nursing and assisted living facility in New Jersey; a $13 million bridge refinance for a 150-bed facility in Connecticut; and a $10.4 million HUD loan for 59-bed Continental Manor in Ohio.

G Capital Closes $30M in Financing for Growing California Operator

G Capital Markets announced the closing of a $30 million revolving credit facility in late May for a California-based regional operator.

The operator has a portfolio of more than 20 facilities across the West Coast and will use proceeds to support working capital requirements while continuing its strategic expansion as other acquisition opportunities arise, according to G Capital.

“This transaction highlights our deep expertise in healthcare services and our commitment to supporting operators with scalable, customized capital solutions,” said Grant Goodman, CEO of G Capital. “We are proud to partner with an operator that is executing on a disciplined growth strategy across a demographically compelling region.”

ESI Facilitates Sale of Michigan Nursing Home

Evans Senior Investments facilitated the transaction of 65-bed Healthbridge Post Acute in Michigan for an undisclosed amount, in partnership with the University of Michigan Health-West Hospital. The facility was sold to an unnamed regional operator, whose capabilities aligned with the seller’s long-term objectives; the seller was also unnamed.

Healthbridge was experiencing operational challenges, including annual net operating income loss of more than $1 million, prompting discussions of a sale.

“Evans Senior Investments demonstrated exceptional execution in navigating and closing a highly complex nursing home transaction,” the seller said in a statement. “Their strategic approach, deep industry knowledge and relentless commitment delivered a successful outcome for all parties.”