Meridian Capital Group’s Senior Housing and Healthcare Team closed $1 billion in financing for 79 properties in 14 states in the first quarter of 2021, following a record year in 2020 where they closed $3.2 billion in transaction volume.
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 Vice President, Avi Begun; Vice President, Sim Goldberg; Senior Associates, Matt Lesnik and Jesse Rauch; and Associates, David Gottlieb and Jacob Scott.
The team’s most recent closings include $285 million in acquisition financing for a portfolio of 16 skilled nursing facilities; the recapitalization and financing of an eight-property senior living portfolio in South Carolina, Tennessee, and Kentucky; $42 million in senior and mezzanine financing for the construction of a 117-bed assisted living facility in Southern California; and a $26 million refinance of four skilled nursing facilities in Nebraska along with a $2 million AR line.
Other closings in the first quarter include advisory work on behalf of their client to help close a $9.8 million HUD A-7 for a 77-bed skilled nursing facility in Minnesota. They also arranged a $21.7 million acquisition loan from a commercial bank along with a $3.5 million AR line and $500,000 of capex for three facilities comprised of 270 skilled nursing and 40 assisted living beds in Virginia, as well as $15.5 million in senior and mezzanine financing for the acquisition of a 97-bed assisted living and memory care facility in Rhode Island.
In addition, the group sold five behavioral skilled nursing facilities consisting of 434 beds in California for $76 million and arranged $66.4 million in financing along with a $6 million AR line for the acquisition.
The team also advised on the consulting and re-tenanting of Clove Lakes Healthcare and Rehabilitation Center in Staten Island, NY, a 576-bed facility that is one of the largest in the country as the local mom-and-pop operator was closing in on the lease maturity. The Meridian team brought in Sol Klein of Infinite Care and negotiated a new 30-year lease with the landlord, who is a prominent New York commercial real estate owner.
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.