Dealmaker: Dwight Capital, Dwight Mortgage Trust Close Transactions in Midwest

(The Grove, courtesy of Dwight Capital)

Dwight Capital, New York, closed a combined $61.9 million in HUD 223(f) financing for two multifamily properties on behalf of Continental Properties.

One was Springs at Bettendorf in Bettendorf, Iowa, a townhome-style community with 316 market-rate units. Springs at Bettendorf is Energy Star Certified.

The other was The Grove in Saint Paul, Minn., a luxury community with 118 market-rate units. It is GreenPoint Gold Rated.

The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs and establish funds for future capital expenditures.

Additionally, Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, financed a $230 million bridge loan to facilitate the acquisition of a 19-property skilled nursing/assisted living portfolio located throughout Ohio.

And, Dwight Healthcare Funding provided a $12 million working capital line of credit to support the portfolio’s ongoing operational needs.

The loan was originated by Adam Offman, Managing Director of Healthcare Finance, and Yossi Benish, Vice President of Business Development, on behalf of borrowers Complete Care and LionStone Care.

The facilities contain a total of 1,896 beds.