Dwight Capital Provides $13.2M Acquisition Financing for Three Skilled Nursing Facilities in Tennessee

KINGSPORT, LAWRENCEBURG and HUNTSVILLE, Tenn. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee.

The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. The borrower was not disclosed.

Dwight provided $12.3 million in bridge-to-HUD acquisition financing as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price.

In unrelated deals, Dwight also financed three other seniors housing transactions:

  • A $3.3 million bridge loan on Windsor Health and Rehabilitation Center, a 108-bed skilled nursing facility in Windsor, Conn. 
  • $4 million in bridge financing for Beehive Homes of West Jordan, a 50-bed assisted living facility south of Salt Lake City. The loan allowed the borrower to pay off approximately $3.2 million in existing debt.
  • $1.9 million in bridge financing on Forest View Center, an 87-bed skilled facility in Dayton, Ohio. The acquisition price was $1.8 million and owner had a $500,000 renovation budget, which equates to an 81 percent loan-to-cost ratio.