Dwight Capital Provides $56M Loan for 8 Suburban Chicago Assets

Lexington Health Network will use part of the loan to refinance the properties' existing capital structure.
Chicago. Image by 12019 via Pixabay.com

Dwight Capital has closed a $56 million refinancing loan for a portfolio of eight skilled nursing facilities across suburban Chicago, on behalf of Lexington Health Network. Cross River Bank acted as co-lender and participant in the deal. 

Public records show that the new loan is set to mature in May 2024 and will refinance the portfolio’s existing capital structure, along with providing working capital to the borrower. Encompassing 1,550 beds on a total of 25 acres, the eight facilities include:

  • Lexington Health Center Bloomingdale at 165 S. Bloomingdale Road in Bloomingdale, Ill.
  • Lexington of Schaumburg at 675 S. Roselle Road in Schaumburg, Ill.
  • Lexington of Orland Park at 14601 S. John Humphrey Drive in Orland Park, Ill.
  • Lexington of Lombard at 2100 S. Finley Road in Lombard, Ill.
  • Lexington of Chicago Ridge at 10300 Southwest Highway in Chicago Ridge, Ill.
  • Lexington of Elmhurst at 420 W. Butterfield Road in Elmhurst, Ill.
  • Lexington of La Grange at 4735 S. Willow Springs Road in La Grange, Ill.
  • Lexington of Lake Zurich at 900 S. Rand Road in Lake Zurich, Ill.

Most facilities have private and semi-private rooms, theater rooms, family rooms and therapy gyms, and also provide ancillary health services.

In conjunction with refinancing, Legacy Healthcare assumed operations from Lexington Health Network, under a new operating lease that provides Legacy with a purchase option. 

Dwight Managing Director of Healthcare Finance Adam Offman facilitated the transaction. In April, Dwight Capital originated a $128 million HUD loan, which was the largest under HUD’s 223(a)(7) multifamily program at that time.