Dwight Capital & Dwight Mortgage Trust Finance $279.7MM in September 2024

In September, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), successfully closed $279.7 million in real estate financings. Notable transactions included three separate HUD loans; a skilled nursing facility in New York, a skilled nursing portfolio in New Hampshire, as well as Volta at Voyager Apartments in Colorado Springs, CO.

Dwight Capital closed a $61 million HUD 232/223(f) refinance loan for a 250-bed skilled nursing facility (SNF) in New York. The facility recently underwent comprehensive renovations, including updates to resident rooms, corridors, therapy areas, kitchens, and public spaces. Amenities include fine dining, room service, daily housekeeping, outdoor common areas, an on-site beauty salon, and organized social activities. This transaction was originated by Adam Offman, Managing Director of Healthcare Finance.

Offman also originated a $39 million HUD 232/223(f) refinance loan for a portfolio consisting of one SNF and a combined skilled nursing and assisted living facility (ALF), both located in Manchester, NH. The portfolio includes Villa Crest Nursing and Retirement Center, which features a 165-bed SNF and a 29-unit ALF, as well as Maple Leaf Healthcare Center, a 114-bed SNF. Collectively, these facilities offer a total of 308 beds. Previously, DMT closed a $31.5 million bridge loan across the two facilities.

Dwight Capital closed a $38.4 million HUD 223(f) refinance for Volta at Voyager, a 200-unit garden-style apartment community with mountain views in Colorado Springs, CO. The property consists of 10 three-story residential buildings featuring one-, two-, and three-bedroom units. Residents enjoy premium amenities, including a fitness center, Amazon lockers, a dog spa and park, a swimming pool and spa, and a resort-style clubhouse. Volta at Voyager is ideally located with immediate access to Interstate 25, offering convenient connectivity throughout Colorado’s Front Range.

The refinance benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, which enhanced the financial terms. This transaction was originated by Brandon Baksh and Brian Yee on behalf of Dwight’s client, Mountain View Capital, LLC.

Other notable seniors housing transactions from 3Q 2024 include:

• $32.5MM bridge refinance loan for a 464-bed portfolio of two SNFs and one SNF + ALF in Ohio.

• $17.2MM bridge loan for Fauquier Health Rehabilitation & Nursing Center, a 113-bed SNF in Warrenton, VA.

• $13MM bridge refinance for a 90-bed portfolio of two ALFs in Oregon and Washington.

• $8.7MM HUD 232/223(f) loan for Cherry Hill Nursing and Rehab, a 127-bed SNF in Westland, MI.

• $8.5MM bridge loan for The Springs of Barrow, a 100-bed SNF in Little Rock, AR.