Meridian Capital’s Ari Adlerstein, Ari Dobkin and Josh Simpson are fast closing in on a billion-dollar year in loan closings, and we’re not even halfway through 2019. Across 29 transactions so far, the team has arranged more than $955 million in financing for skilled nursing, assisted living and independent living properties across 18 states. Most notably, Meridian arranged $200 million in bridge financing for more than 25 skilled nursing facilities and over 2,500 beds.
There were a couple of construction financings, including a $24 million loan (plus $9.1 million in equity) for a to-be-built 104-bed independent living/assisted living community in Arizona and an $11.5 million loan to fund the development of a 60-unit memory care community in California. Additionally, the team closed $11.6 million in financing to refinance three SNFs and construct a fourth facility in Oklahoma, all totaling 281 beds.
On the acquisition loan side, Messrs. Adlerstein, Dobkin and Simpson arranged a $13.1 million loan for three SNFs and 327 beds in Wisconsin and another $10 million acquisition financing for a 173-bed IL/AL community in Florida.
Then, there were the refinances. The owner of an Indiana SNF received a $4 million cash-out refinance of its facility. Meridian also closed $49 million in financing with a $2.5 million line of credit to recapitalize four SNFs in Ohio. Finally, the team closed $71.9 million in two-year bridge financing to recapitalize four existing skilled nursing facilities and to acquire three additional facilities totaling 864 beds in North Carolina and Kentucky. Greystone provided the loan, with Fred Levine serving as originator.
