Dwight Capital Closes $446.8 Million in Real Estate Financings in June

Strategic Insights -

In a major milestone for the healthcare lending industry, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), recently closed $446.8 million in real estate financings in June, marking a significant achievement in the sector. The largest transaction was a $230 million bridge loan financed by DMT to support the acquisition of a 19-property skilled nursing/assisted living portfolio throughout Ohio, which comprises a total of 1,896 beds. This transaction highlights Dwight's strong presence in the healthcare lending space and showcases its ability to provide significant financing for large-scale healthcare projects.

Key Takeaways:

  • Dwight Capital and its affiliate REIT, Dwight Mortgage Trust (DMT), closed a $230 million bridge loan to support the acquisition of a 19-property skilled nursing/assisted living portfolio throughout Ohio, marking DMT's largest bridge transaction to date.
  • The portfolio comprises a total of 1,896 beds and was financed by Dwight Mortgage Trust (DMT) with the assistance of Adam Offman, Managing Director of Healthcare Finance, and Yossi Benish, Vice President of Business Development.
  • The $230 million financing will be used to support the portfolio's ongoing operational needs, including a $12 million working capital line of credit provided by Dwight Healthcare Funding.
  • Dwight Capital also closed a combined $61.9 million in two HUD 223(f) loans for Springs at Bettendorf, a 316-unit townhome-style community in Bettendorf, Iowa, and The Grove, a 118-unit luxury multifamily property in Saint Paul, Minnesota.
  • Both loans will be used to retire existing debt, cover closing costs, complete repairs, and establish funds for future capital expenditures.
  • Springs at Bettendorf is ENERGY STAR certified, and The Grove is GreenPoint Gold Rated, reflecting a commitment to environmentally sustainable design and energy efficiency.

Statistics:

  • $446.8 million: Total amount of real estate financings closed by Dwight Capital and Dwight Mortgage Trust (DMT) in June.
  • $230 million: Amount of the largest bridge loan transaction financed by Dwight Mortgage Trust (DMT) to support the acquisition of a 19-property skilled nursing/assisted living portfolio throughout Ohio.
  • 1,896 beds: Total number of beds in the 19-property skilled nursing/assisted living portfolio acquired in June.
  • $12 million: Working capital line of credit provided by Dwight Healthcare Funding to support the portfolio's ongoing operational needs.
  • $61.9 million: Combined amount of two HUD 223(f) loans closed by Dwight Capital for Springs at Bettendorf and The Grove.

Sources:

  • Dwight Capital
  • Dwight Mortgage Trust (DMT)
  • Continental Properties