Meridian Capital Group’s senior housing and healthcare team closed more than $3 billion in transaction volume in 2020, with $776 million for 76 senior housing and healthcare facilities in 16 states closed over the last six weeks to end the year.
These transactions were negotiated by Senior Managing Directors and co-heads of Meridian’s senior housing and healthcare team, Ari Adlerstein and Ari Dobkin; Managing Director, Josh Simpson; Vice Presidents, Matt Lesnik and Jesse Rauch; and Associate, David Gottlieb. Meridian’s senior housing and healthcare team has closed more than $7.5 billion in transaction volume over the last three years.
Meridian Senior Vice President, Avi Begun, who recently joined the senior housing and healthcare team in 2020, also closed a $7.2 million acquisition loan for 80 skilled nursing beds in New York and a $6.2 million acquisition loan for 123 skilled nursing beds in Massachusetts. Additionally, Meridian Vice President Sim Goldberg arranged $784,000 from a commercial bank for a 29-bed skilled nursing facility in Oklahoma.
The remainder of team’s recent closings include $82 million in financing for the acquisition and refinance of five skilled nursing facilities totaling 760 beds in Florida, Virginia, Tennessee, and North Carolina; a $79 million loan to refinance seven facilities comprised of 907 skilled nursing beds in Pennsylvania; and a $75.7 million acquisition loan for five skilled nursing facilities totaling 660 beds in Florida. All three loans were provided by finance companies.
They also arranged $64.2 million in acquisition financing from a finance company for five facilities consisting of 540 beds in Florida, Virginia, Maryland, and Tennessee; $64 million from a commercial bank to refinance two facilities comprised of 307 beds in Maryland; and $59 million from a finance company to refinance four skilled nursing facilities totaling 493 beds in Texas.
In California, the team sold an independent living and assisted living asset consisting of 137 beds for $65.2 million. They also sold three facilities in New Hampshire totaling 266 skilled nursing and 64 assisted living beds for $30.5 million and arranged $28.6 million in senior and mezzanine financing for the acquisition in addition to a $3 million AR line.
The group arranged a $40 million AR line from a finance company for 18 facilities totaling 2,097 beds in Florida; $34.2 million from a commercial bank for the acquisition of two New Jersey facilities comprised of 338 skilled nursing and 15 assisted living beds; and $21 million in acquisition financing from a finance company for a facility consisting of 120 beds in New Jersey.
They also arranged $20 million in financing from a commercial bank for the acquisition of a Maryland facility comprised of 130 beds and $14.7 million from a commercial bank for the acquisition of four Iowa facilities totaling 341 skilled nursing beds.
In addition, the healthcare team is expanding their horizons and experience towards the behavioral market, and most recently closed a $13.1 million in acquisition financing for seven drug and alcohol facilities consisting of 124 beds in California, Arizona, and Nevada. This is in addition to advisory work they have done in this specific space placing debt and equity.
Rounding out their recent activity, the team closed $9.5 million in acquisition financing from a finance company for a 123-bed Massachusetts facility; $6 million from a finance company for the refinance of a 98-bed facility in Texas; $4.25 million for the acquisition of a facility totaling 99 beds in Pennsylvania; and a $3.5 million line of credit from a commercial bank for a 280-bed facility in New York.
“In light of a challenging year, these closings are a testament to the strength and resilience of the senior housing and healthcare space. We are grateful to our clients and partners for their continued confidence and trust and remain as committed as ever to delivering exceptional outcomes and serving as loyal and dedicated advisors regardless of market conditions. Our hearts go out to all residents, employees, and families that have been impacted due to the pandemic,” said Mr. Adlerstein and Mr. Dobkin.
The specialists on Meridian’s senior housing and healthcare team have proven themselves as experts across a wide variety of financing types, including acquisition, construction, mezzanine, bridge and permanent as well as accounts receivables financing. To achieve outstanding outcomes for clients, the team works with a broad array of lenders spanning specialized banks, CMBS lenders, debt funds, life insurance companies, and agency lending platforms, in addition to providing a broad array of advisory services such as equity capital markets and investment sales across all sub-asset classes of senior housing and healthcare properties.