NEW YORK CITY — Dwight Mortgage Trust, REIT affiliate of Dwight Capital, has provided a $120 million bridge loan to finance a skilled nursing portfolio located in Florida. Totaling 795 beds, the portfolio comprises five skilled nursing facilities.
Proceeds from the loan will be used to refinance the existing debt on two facilities as well as fund the acquisition of three of the facilities. Adam Offman of Dwight Mortgage Trust originated the financing.
The properties include Balanced Healthcare in St. Petersburg, which totals 299 beds; Gulfside Health & Rehab Center in Clearwater, which features 76 beds; Lake Placid Health & Rehab Center in Lake Placid, which comprises 180 beds; and Riverwood Healthcare & Rehab Center in Starke, which features 120 beds.
Dwight Healthcare Funding has also provided a $20 million working capital line of credit to the borrower, in conjunction with the bridge financing.