Dwight Capital closed a $56 MM bridge refinance for a portfolio of eight skilled nursing facilities located across Illinois: Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange, and Lexington of Lake Zurich. Together, the facilities are comprised of 1,550 beds across a total of 25 acres. Cross River Bank served as co-lender and participant in the transaction.
The $56 MM term loan refinanced the Portfolio’s existing capital structure and provided working capital to the Sponsor, Lexington Health Network (“Lexington”). In conjunction with close, Legacy Healthcare assumed operations from Lexington under a new operating lease with a purchase option. Dwight Managing Director of Healthcare Finance, Adam Offman, originated this transaction.