Meridian Capital Group, America’s most active dealmaker, arranged $39 million in bridge financing for the refinance of a 355-bed skilled nursing home portfolio, located in Southern California.
The three-year loan, provided by a national balance sheet lender, features interest-only payments for the first two years and allowed for an 85% loan-to-value ratio. This transaction was negotiated by Meridian Managing Directors, Ari Adlerstein and Ari Dobkin, and Vice President, Josh Simpson, who are all based in the company’s New York City headquarters.
The two-property portfolio totals 355 beds and both state-of-the art assets are care centers that offer modern facilities and amenities.
“The borrower owned both properties for over 10 years and maintained them with the utmost attention, as they exemplify his dedication to excellence and a high standard of resident services,” said Mr. Adlerstein. “The sponsor was looking for a substantial cash-out in a short time frame with a lender that wouldn't require syndication as a condition of the deal,” he added. “The borrower’s proven track record helped Meridian to successfully deliver just that.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com