Meridian Capital Group’s Senior Housing and Healthcare Team has closed more than $515 million in transaction volume since mid-March for a combination of 33 facilities in seven states. That is a healthy chunk of all the lending that is getting done these days. The transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson.
Most notably, the team arranged $185 million in financing from a commercial bank and finance company to facilitate the acquisition of 13 skilled nursing facilities totaling 1,002 beds in West Virginia. Given the recent history of West Virginia SNF sales, including the sale of Stonerise Healthcare’s 17 facilities for around $315,000 per bed, we imagine the per-bed value was quite high. The debt itself comes to $185,000 per bed. Omega Healthcare Investors purchased four of the facilities and co-invested with a private family office on the remainder.
They also arranged $52.8 million in financing from a HUD lender to refinance two Arizona facilities comprised of 211 assisted living units, $25.3 million in financing from a commercial bank to refinance two skilled nursing facilities consisting of 244 beds in North Carolina and Kentucky, and $5.3 million in financing from a commercial bank to refinance a facility in California.
Rounding out their recent activity, the Meridian team closed an $18.9 million acquisition loan from a commercial bank for two skilled nursing facilities in North Carolina totaling 200 beds, an $18.5 million acquisition loan from a commercial bank for a New Jersey skilled nursing facility comprised of 118 beds, a $12.9 million acquisition loan from a finance company along with a $3 million A/R line for two skilled nursing facilities consisting of 232 beds in Pennsylvania, and a $5.6 million acquisition loan from a commercial bank along with a $1.5 million A/R line for another 133-bed skilled nursing facility in Pennsylvania.