Meridian Capital Group’s Senior Housing and Healthcare team closed $863.4 million in transaction volume in the last four weeks, including a combination of 60 skilled nursing and assisted living facilities in 13 states.
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; Senior Associates, Matt Lesnik and Jesse Rauch; and Associates, David Gottlieb and Jacob Scott. Meridian’s Senior Housing and Healthcare team closed $3.2 billion in transaction volume in 2020 with an additional $3.8 billion closed year-to-date in 2021.
The team’s recent closings include $324.7 million in acquisition financing from a commercial bank and mezzanine lender for 21 skilled nursing facilities totaling 2,643 beds in New Jersey, Pennsylvania, West Virginia, and Maryland as well as $163.3 million in acquisition financing from a commercial bank for 11 Florida facilities comprised of 1,475 skilled nursing and 40 assisted living beds.
Additionally, the team sold three skilled nursing facilities consisting of 357 beds in Florida for $43.3 million and arranged $37.8 million in financing from a commercial bank for the acquisition. Meridian’s Avi Begun also sold four skilled nursing facilities totaling 627 beds in Indiana and Michigan for $36.9 million and arranged $31.1 million in acquisition financing along with a $4 million AR line from a commercial bank for the purchase.
In Illinois, the team arranged the $28.5 million sale of a 313-bed skilled nursing facility and closed a $22 million HUD loan for the acquisition, and in Pennsylvania sold a 100-bed skilled nursing facility for $8 million and arranged $6.4 million in acquisition financing along with a $1 million AR line from a commercial bank for the purchase.
They also arranged $22.8 million in acquisition financing and a $2.5 million AR line from a commercial bank for a 176-bed skilled nursing facility in Virginia, $16.5 million in financing along with a $1.5 million AR line from a commercial bank for the refinance of a 150-bed skilled nursing facility in New York, and $13 million from a commercial bank to refinance three facilities in Nebraska totaling 574 beds.
Rounding out their recent activity, the team arranged $9.6 million in acquisition financing from a commercial bank and mezzanine lender along with a $1.3 million AR line for a 123-bed skilled nursing facility in Washington, $4.2 million in acquisition financing from a commercial bank for a 64-unit assisted living facility in Florida, and a $3.5 million line of credit from a finance company for two skilled nursing facilities comprised of 340 beds in California. Meridian’s Avi Begun also arranged $1.4 million in acquisition financing from a commercial bank for an 82-bed skilled nursing facility in Michigan.
Meridian’s senior housing and healthcare team also placed a $650+ million bridge-to-HUD loan with CFG, which CFG announced two weeks ago.
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.