Dwight Capital Acquires $500M Senior Housing Mortgage Servicing Portfolio
The portfolio includes financing for assisted living, skilled nursing facilities and hospitals.
Commercial real estate lender Dwight Capital has expanded a key servicing platform with the acquisition of Midland States Bank’s $500 million senior housing HUD mortgage servicing rights portfolio. The asset collection totals more than $500 in million unpaid principal balances from 69 hospitals, skilled nursing and assisted living facilities in 22 states across the U.S.
Dwight did not disclose the price paid for the package, which comprises 69 loans spanning 22 states. However, Dwight Capital and its affiliates’ full servicing collection exceeds $15 billion following the acquisition.
The transaction reflects Dwight’s continued strategic focus on expanding its servicing footprint and strengthening long-term relationships as a principal lender, servicer and third-party servicer. The firm offers a range of commercial lending options including balance-sheet bridge and new construction financing, as well as FHA/HUD insured loans, C-PACE financing, mezzanine financing and preferred equity.
It was not the first transaction between Dwight Capital and Midland States Bank. In August 2020, Dwight acquired Love Funding, an arm of Midland States Bank and one of the top HUD lenders in the U.S. In that deal, Midland States Bank retained the Love Funding service portfolio. At the time, the acquisition made Dwight Capital the nation’s largest dedicated HUD financing firm for multifamily and health care properties.
Activities in the sector
The acquisition of the Midland States’ senior housing HUD mortgage servicing rights pool also underscores Dwight’s commitment to growing its presence within the senior housing and health care real estate sector. In the last quarter of 2025, Dwight Capital, its affiliate REIT Dwight Mortgage Trust and Dwight Healthcare Funding closed a combined $465 million in senior housing financing deals. The transactions included a mix of HUD, bridge and revolving line-of-credit facilities for properties across 12 states.
READ ALSO: How Private Lenders Can Bridge the Looming Gap in Senior Housing
One of the largest fourth-quarter deals last year was a $120 million bridge loan provided by DMT to finance five skilled nursing facilities in Florida totaling 795 beds. The funds refinanced two facilities and provided financing for three acquisitions. DHF also provided a $20 million working capital line of credit in conjunction with the financing. Adam Offman, managing director of health care finance at Dwight Capital, originated the transaction.
In another notable fourth-quarter transaction, Dwight provided $51 million in bridge financing to acquire and refinance a 542-bed multi-property collection of skilled nursing assets in New York.
Offman also originated a $45 million HUD 232/223(f) loan for a 200-bed skilled nursing facility in New York during the fourth quarter. The proceeds were used to retire existing debt and cover transaction costs.
Other large HUD 232/223(f) facilities originated late last year included $41.9 million for a 210-bed skilled nursing facility in New Jersey and $33.4 million for another 126-bed property in Connecticut.
More 2025 deal highlights
Earlier in 2025, DMT provided $230 million in bridge financing to a joint venture of Complete Care and LionStone Care for the acquisition of a 19-property, 1,896-bed skilled nursing and assisted living portfolio of assets located throughout Ohio, according to Commercial Observer. The June transaction included a $12 million revolving line of credit provided by DHF. The financing was originated by Offman and Yossi Benish, vice president of business development. At that time, it was DMT’s largest transaction of its kind to date.
In April, DMT provided a $50 million bridge loan to real estate investors Mathias Deutsch and Isidore Bleier for the acquisition of Silverwoods, a 46-building, 313-unit senior housing community in Toms River, N.J.
