When three skilled nursing facilities sold in Chicago, Meridian Capital Group was there to arrange $48 million in balance sheet financing for the undisclosed buyer to fund the deal. Located across the city, the portfolio includes a large 310-bed facility, plus two smaller facilities with 156 and 143 beds. Occupancy averaged 85% across the portfolio. The financing covered 75% of the acquisition costs, so we can estimate the purchase price to be around $64 million, or $105,100 per bed. That would be near the national average for skilled nursing prices a few years ago, but not anymore with the prevalence of facilities valued over $100,000 in the last couple of years. The Meridian team of Ari Adlerstein, Ari Dobkin and Josh Simpson arranged the three-year loan, which was provided by a national balance sheet lender, with a fixed interest rate of $5.5% and one year of interest-only payments. Well done.
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