Meridian Capital Group Closes Slew of Transactions

Meridian Capital Group’s Senior Housing and Healthcare team closed $580 million in transaction volume over the course of the summer, bringing their year-to-date total to nearly $3 billion in 2022. These transactions were negotiated by Meridian’s Senior Housing and Healthcare platform, led by Ari Adlerstein and Josh Simpson.

The recent transactions include a $115.2 million acquisition loan from a commercial bank in addition to a $15 million A/R line for 10 SNFs with 1,112 beds in California, a $69 million loan from a commercial bank in addition to a $2 million A/R line for the acquisition of one facility and the refinance of two facilities totaling 468 skilled nursing beds in New Jersey, and a $33.8 million acquisition loan from a finance company along with a $2 million A/R line for two SNFs in Louisiana consisting of 260 beds.

They also closed a $32 million acquisition loan from a commercial bank in addition to a $2 million A/R line for a 124-bed SNF in New Jersey, a $28.5 million construction loan from a commercial bank for a Florida community consisting of 99 assisted living and 32 memory care beds, and a $12.4 million acquisition loan from a finance company for two SNFs in Connecticut totaling 314 beds. 

The team’s recent refinance activity includes a $21.9 million HUD loan for a facility in New Jersey consisting of 120 SN and 47 AL beds, a $12 million loan from a commercial bank for a facility in Arizona totaling 62 memory care units, and a $6.7 million loan from a commercial bank for a 108-bed SNF in Louisiana. 

The team was also active in investment sales, selling six skilled nursing facilities consisting of 745 beds in Connecticut for $67 million, or $90,000 per bed, and arranged $58.7 million in financing from a commercial bank and mezzanine lender for the acquisition. They also sold two facilities comprising 111 assisted living units and 20 memory care beds in Ohio for $22.9 million, or $174,800 per unit, on behalf of a notable senior housing private equity firm. In conjunction, the team arranged a $13.1 million acquisition loan from a finance company and a $7.5 million acquisition loan from a commercial bank for the buyer of the facilities, a growing private owner and operator. Rounding out their recent activity, they sold a 127-bed skilled nursing facility in Massachusetts for $8.2 million, or $64,600 per bed.