
Dwight Capital Closes Refi on SNF Portfolio
Dwight Capital closed a $56-million bridge refinance for a portfolio of eight skilled nursing facilities located across the Chicagoland region. Cross River Bank served as co-lender and participant in the transaction.
The SNF portfolio includes Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange, and Lexington of Lake Zurich. Together, the facilities are comprised of 1,550 beds across a total of 25 acres.
The term loan refinanced the portfolio’s existing capital structure and provided working capital to the sponsor, Lexington Health Network. In conjunction with the close, Legacy Healthcare assumed operations from Lexington under a new operating lease with a purchase option. Adam Offman, managing director of healthcare finance at Dwight Capital, originated the refi.