Dwight Capital Provides $35+ MM Bridge Financing for the Acquisition of Four Healthcare Properties Across Three States


Clarity Pointe Portfolio and Caledonia Rehabilitation & Retirement Center

Dwight Bridge Fund (“DBF”), managed by Dwight Capital’s affiliated investment advisor, financed a three-property memory care portfolio and an ALF/SNF in Minnesota. 

DBF, along with a bank partner, provided $30,545,000 in floating-rate bridge financing on the acquisition of the Clarity Pointe Portfolio, a 174-bed Memory Care portfolio encompassing three properties in Arkansas and Tennessee. Avenir Senior Living, the purchaser, plans to focus on rebranding the facilities with an emphasis on increasing occupancy in Little Rock, while continuing to provide the highest level of care possible to the residents of these newly acquired properties as well as the rest of their national portfolio.

Peter Muhlbach, CEO of Avenir Senior Living, said that, “The acquisition of three facilities in two different states could have been complicated and lengthy, but we found that the adaptability and communication skills of the Dwight team made the financing process seamless. We look forward to moving into a HUD loan with this portfolio and to future transactions with Dwight.”

DBF also financed the acquisition of Caledonia Rehabilitation & Retirement Center, a 66-bed Skilled Nursing and Assisted Living Facility in Caledonia, MN, with a $4,500,000 bridge loan. The facility offers hospice care, memory care, post-surgical care, and rehabilitation therapy in addition to the standard 24-hour skilled nursing care for its residents. The owner is acquiring the facility with the intent of working with the assistance of Dwight Capital to achieve a HUD 35-year permanent financing by the end of 2018.

The buyer, Mark Myers, commented that, “Dwight handled the Caledonia transaction with integrity, creativity, and detailed oversight. There was a great deal of effort involved in achieving the loan and Dwight handled the complexity brilliantly. We would not have closed on the purchase without them. Dwight’s ability to provide high LTC, non-recourse bridge financing was essential in the transaction. And, the fact that Dwight contemporaneously packaged the third party reports and documents to make them HUD-compliant, will make the HUD take out a smooth process.”

DBF has focused on expanding its direct bridge lending on Multifamily and Healthcare properties. As the lending landscape evolves through this cycle, there will be continued demand for short-term financing on both stabilized and transitional properties. Dwight remains dedicated to offering borrowers dynamic products through an efficient platform.