It was a banner year for Meridian Capital Group’s Senior Housing and Healthcare Team, which closed more than $5.5 billion in transaction volume in 2021, including $918 million in transactions for 56 seniors housing and healthcare facilities in 16 states over the last month 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, Jesse Rauch, and Rafi Sod; and Senior Associates, Yuval Hananya, David Gottlieb and Jacob Scott.
The team’s December transactions include several refinances, including a $130 million loan from a finance company for 11 skilled nursing facilities totaling 1,519 beds in California, New Hampshire, and Massachusetts; an $88 million loan from a commercial bank along with a $5 million A/R line for three skilled nursing facilities comprised of 460 beds in Maryland; and a $31.5 million loan from a finance company for a 375-bed skilled nursing facility in Pennsylvania.
Next, they arranged $19.8 million from a commercial bank to refinance a 60-unit assisted living facility in Arizona, and $3.4 million to refinance a 118-bed skilled nursing facility in Oklahoma. Meridian Senior Vice President Avi Begun also closed an $8.7 million loan from a commercial bank for the refinance of a 200-bed assisted living facility in Florida.
The team sold two portfolios in December, including the $100 million sale of three assisted living and independent living facilities totaling 208 units in Massachusetts, and the $55 million sale of two skilled nursing facilities consisting of 275 beds in New Jersey, for which they also arranged a $48.2 million loan from a finance company along with a $3 million A/R line for the acquisition.
The remainder of the team’s transactions include several additional acquisition loans, including $55 million in financing for five skilled nursing facilities consisting of 651 beds in Connecticut; $50 million in financing for three skilled nursing facilities totaling 403 beds in New Jersey; $42.5 million in financing in addition to a $3.5 million A/R line for three skilled nursing facilities comprised of 384 beds in Massachusetts; and $44.7 million in financing for five skilled nursing facilities consisting of 709 beds in Massachusetts. All four loans were provided by finance companies.
Their activity continued with a $43.9 million acquisition loan from a commercial bank and mezzanine lender for four skilled nursing facilities totaling 490 beds in Connecticut; a $38.9 million acquisition loan from a finance company for two skilled nursing facilities consisting of 388 beds in North Carolina and Tennessee; and a $36.1 million acquisition loan from a commercial bank for two skilled nursing facilities consisting of 240 beds in New Jersey.
Finally, they closed a $20.2 million loan along with a $2 million A/R line for the acquisition of two skilled nursing facilities comprised of 260 beds in Ohio; a $17.5 million acquisition loan for a portfolio of drug and alcohol rehab centers, including a billing company, in Washington; and a $5.5 million line-of-credit for a 576-bed skilled nursing facility in New York.