Meridian Capital Group, America’s most active debt broker, arranged $26.2 million in balance sheet and mezzanine acquisition financing for the purchase of an assisted living facility located in Port Orange, FL on behalf of Shepherd Health, a Florida-based real estate development company and senior housing operator.
The five-year loan features full-term interest-only payments for the mezzanine loan. 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.
CountrySide Lakes is a 146-unit, 160,000 square-foot assisted living facility, located at 941 Village Trail in Port Orange. The facility has well-maintained landscaped grounds spanning just under seven acres, and newly refurbished rooms and common areas. Amenities include a heated swimming pool, shuffle board, billiards room, fitness center, a beauty salon, barber shop and nature trails. Each unit is equipped with a full handicapped accessible kitchen and bathroom and a screened-in balcony or porch. Port Orange is situated near U.S. Route 1 and Interstate 95, making Countryside Lakes easily accessible by road travel.
“Meridian was able to lend comfort to the partner banks by successfully demonstrating the strength of the asset, the borrower’s management team, and the borrower’s business potential – including some potentially industry-changing ideas,” explained Mr. Adlerstein. “We delivered a financing solution that met all our client’s expectations,” he added.
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