Dwight Mortgage Trust Lends $230M on Ohio Health Care Portfolio Buy

LionStone Care has sealed $230 million of acquisition financing for the purchase of a 19-property skilled nursing and assisted living portfolio throughout Ohio, Commercial Observer has learned.

Dwight Mortgage Trust (DMT) supplied the bridge loan for the health care facilities totaling 1,896 beds, according to the lender. LionStone acquired the assets along with an undisclosed individual investor.

The deal marked the largest loan to date for DMT, surpassing a $155 million bridge loan in June 2022 for Valleytree Partners to acquire six Michigan multifamily assets, as CO first reported at the time.

The $230 million bridge financing was closed in conjunction with a $12 million working capital line of credit from Dwight Healthcare Funding to support operational expenses with the assets.

Adam Offman, Dwight’s managing director of health care finance, and Yossi Benish, vice president of business development, originated the financing.

Officials for DMT, LionStone Care did not immediately return requests for comment.

Correction: An earlier version of this article referred to another company as part of this acquisition. The acquisition primarily involves LionStone Care and any mention of the other entity has been removed to reflect this story more accurately.

Andrew Coen can be reached at acoen@commercialobserver.com