Dwight Capital has closed a $ 56 million refinancing loan for a portfolio of eight specialty healthcare facilities in the Chicago suburbs on behalf of Lexington Health Network. Cross River Bank acted as a co-lender and participant in the transaction.
Open records show that the new loan matures in May 2024 and will refinance the portfolio’s existing capital structure as well as provide the borrower with working capital. Eight properties spanning 1,550 beds on a total area of 25 acres include:
- Lexington Bloomingdale Medical Center at 165 S. Bloomingdale Road in Bloomingdale, Illinois.
- Lexington Schaumburg at 675 S. Roselle Road in Schaumburg, Illinois.
- Lexington of Orland Park at 14601 S. John Humphrey Drive in Orland Park, Illinois.
- Lexington of Lombard at 2100 S. Finley Road in Lombard, Illinois.
- Lexington from Chicago Ridge on Southwest Highway 10300 to Chicago Ridge, Illinois.
- Lexington of Elmhurst at 420 W. Butterfield Road in Elmhurst, Illinois.
- Lexington of La Grange at 4735 S. Willow Springs Road in La Grange, Illinois.
- Lexington of Lake Zurich at 900 S. Rand Road in Lake Zurich, Illinois.
Most facilities have private and semi-private rooms, theater rooms, family rooms and therapy rooms, and provide additional medical services.
In connection with the refinancing, Legacy Healthcare took over from Lexington Health Network under a new operating lease that gives Legacy the option to purchase.
Dwight, managing director of health care finance Adam Offman, facilitated the deal. Dwight Capital was founded in April. $ 128 million HUD loanwhich was the largest multi-family program for HUD 223 (a) (7) at the time.