Dwight Capital Funds $14.3M Refinancing for Skilled Nursing Portfolio in Minnesota

Bayshore Nursing and Rehab Bayshore Nursing and Rehab

WAYZATA, Minn. — Dwight Capital LLC has provided $14.3 million in bridge-to-HUD financing to Superior Healthcare Management, a skilled nursing provider based in the Minneapolis suburb of Wayzata.

The loan is for three skilled nursing facilities that Superior purchased in 2016, all located in Minnesota. The financing will give Superior additional short-term debt to improve operations at the facilities before placing permanent, FHA-insured debt on the portfolio.

Bayshore Nursing and Rehab in Duluth, the largest of three facilities, was financed directly through one of Dwight Capital’s bank partnerships. The two smaller facilities, Southshore and Crossroads in Worthington, had tighter timelines due to impending maturities on their existing cross-collateralized debt. In order to meet the owner’s timeline, Dwight Capital funded the two loans on its balance sheet and will assign the loans to the same partner bank at a later date.

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