ILLINOIS — Dwight Capital has provided a $56 million bridge refinancing for a portfolio of eight skilled nursing facilities located across Illinois.
The properties include 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 comprise 1,550 beds across a total of 25 acres.
Cross River Bank served as co-lender and participant in the transaction. The term loan refinanced the portfolio’s existing capital structure and provided working capital to the borrower, Lexington Health Network.
In conjunction with refinancing, Legacy Healthcare assumed operations from Lexington under a new operating lease with a purchase option.
Dwight’s Adam Offman originated this transaction.
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