SCOTTSDALE, Ariz. — Dwight Bridge Fund, which Dwight Capital’s affiliated investment advisor manages, has provided $30.5 million in bridge financing for Avenir Senior Living, a Scottsdale-based owner-operator.
Arranged as two separate loans, Avenir used the funds to acquire three seniors housing properties in Arkansas and Tennessee.
The floating-rate loan funded the acquisition of a 174-bed memory care portfolio. Although the properties were not disclosed, Avenir only lists three memory care communities from those states on its website: Avenir Memory Care at Fayetteville in Fayetteville, Ark.; Avenir Memory Care at Little Rock in Little Rock, Ark.; and Avenir Memory Care at Knoxville in Knoxville, Tenn.
Avenir plans to convert all the loans to HUD financing in the future.