Dwight Mortgage Trust Lends $27M on Western New York Assisted Living Portfolio
By Andrew Coen August 11, 2022 11:41 am
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Culture Care Senior Living has nabbed $27 million of bridge acquisition financing to purchase four assisted living and memory care facilities in Western New York, Commercial Observer has learned.
Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, supplied the loan for Culture Care to acquire the portfolio situated in Jamestown and Frewsburg, N.Y. Dwight’s Josh Levin originated the transaction.
The portfolio’s assets include Tanglewood Manor and Memory Garden, both at 560 Fairmount Avenue in Jamestown; The Magnolia at 106 West Main Street in Frewsburg; and Comfort Today at 17 Gifford Avenue in Jamestown. The four facilities comprise 293 beds and offer amenities that include fitness centers, courtyards with gardens, lounges and walking paths.
“We believe in using our culture as our foundation to fulfill our vision of enriching the lives of our seniors, their families and the communities that we serve through compassion, innovation and customer service,” Gary Rohinsky, CEO of Culture Care, said in a statement. “We are grateful to take over an operation with a fantastic team that shares the same vision, and we are appreciative to the team at Dwight Capital for helping us make it happen. We look forward to working with Dwight on future transactions.”
Officials at Dwight did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
