February 20, 2018
Meridian Capital Group, America’s most active dealmaker, arranged acquisition financing for an assisted living and nursing facility in Staten Island, NY, on behalf of Berry Weiss, Managing Partner of The W Group.
The 24-month bridge loan features full-term interest-only payments, a 12-month extension option and was negotiated by Meridian Managing Directors, Ari Dobkin and Ari Adlerstein, and Vice Presidents, Isaac Lifshitz and Josh Simpson, who are all based in the company’s New York City headquarters.
Located at 70 Father Capodano Boulevard, New Broadview is a five-story property that features 200 beds and is situated on the quiet, residential South Beach section of Staten Island. In addition to an assisted living program that includes an array of comprehensive services planned and tailored to each resident’s needs, including physical therapy, a personal care aide, and supervision by licensed nurses, the facility also offers a recreational program including movie nights, trivia, board and card games, weekly shopping outings, and more.
The southernmost of Manhattan’s five boroughs, Staten Island is easily accessible via the Staten Island Ferry and is home to various sights and attractions, including the Snug Harbor Cultural Center and Botanical Garden, Historic Richmond Town, and the Staten Island Zoo. Situated under the shadow of the Verrazano-Narrows Bridge, the property is also just one block from the ocean and boardwalk.
About The W Group
The W Group, a Healthcare Management Group, was founded by Berry Weiss and Ari Weiss. The firm is one of the largest healthcare operators in New York and has seen tremendous success in increasing the level of care and reimbursements for the facilities they manage. Upon taking over management of each facility, they assess what updates are needed and perform capital improvements to upgrade the properties. In addition to the Staten Island facility, The W Group also recently acquired six properties in upstate New York and is currently making substantial, state-of-the-art updates to Riverdale Manor in the Bronx.
About Meridian Capital
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com