Meridian Capital Group is fast approaching the $1 billion mark for deals closed in the seniors housing and senior care market and just added four more transactions (and over $73 million) to its total. First, the firm sourced $8.3 million in equity capital on behalf of The Calida Group (a multifamily/seniors housing developer) for a 103-unit assisted living/memory care construction project in Fallbrook, California. Staying in California, Meridian also arranged a $25 million loan, provided by a balance sheet lender, for a 181-bed skilled nursing facility in Santa Rosa, California. The three-year loan, which includes a LIBOR-based interest rate and 12 months of interest-only payments, provided the borrower a substantial cash-out that will help it fund future acquisitions.
Meridian closed two other balance sheet financings this month. Heading to Lake Charles, Louisiana, Meridian arranged a $21.3 million loan, with a three-year term, LIBOR-based rate and 18 months of interest only, to finance the expansion of an existing 140-unit assisted living/independent living community. Sunshine Management operates the 40-acre property and will add a 50-unit memory care component to meet an increasing demand for the service. Meridian was able to leverage the stabilized portion of the community, thereby keeping the rate low and the recourse to a minimum.
Finally, the firm arranged acquisition financing for a 185-bed post-acute care facility in Toms River, New Jersey. Recently undergoing a major capital improvement project to better compete in the local market, the facility features a host of services, including an in-house dentist, podiatrist, dietician, ophthalmologist, psychologist and psychiatrist, along with a specialized memory care unit. An undisclosed borrower received an $18.8 million balance sheet loan, with a two-year term, floating rate and 24 months of interest only, to acquire the facility.
