Dwight Capital & Dwight Mortgage Trust Close $152.5MM in Seniors Housing During Q1 2024

Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (“DMT”), financed $152.5MM in seniors housing during Q1 2024. Among the transactions were a $44MM bridge loan for a skilled nursing facility (“SNF”) in the Southwest U.S., and $26MM in HUD financing for River Towne Center and Etowah Landing, a SNF portfolio in Georgia.

DMT closed a $44MM bridge acquisition loan for a 369-bed SNF in the Southwest U.S. The property consists of a 117,000-SF, seven-story facility set on three acres. The bridge loan, which closed in conjunction with a $5MM revolving line of credit (revolver), is expected to be refinanced with a HUD 232/223(f) loan in approximately 24 months. Adam Offman and Josh Sturm, Managing Directors of Healthcare, originated this transaction for a recurring client.

Dwight also closed a $17.4MM HUD 232/223(f) refinance for River Towne Center, a 210-bed SNF situated on five acres in Columbus, GA, and an $8.6MM HUD 232/223(f) loan for Etowah Landing, a 100-bed SNF set on three acres in Rome, GA. These HUD loans refinanced existing bridge loans provided by Dwight Mortgage Trust in December 2022. Adam Offman originated these transactions.

Some other notable Q1 2024 transactions:

• $24.6MM bridge acquisition loan for a 369-bed SNF in New Jersey.

• $15MM bridge refinance for a portfolio of three SNFs in Massachusetts. This loan was closed along with a $5MM revolver.

• $14.4MM bridge acquisition loan for an assisted living (“AL”) and skilled nursing portfolio located across Illinois.

• $14MM bridge loan for a 165-bed portfolio of two SNFs in Georgia.

• $4.5MM revolver for a 361-bed ALF/SNF portfolio in Ohio.