The seniors housing and healthcare team at Meridian Capital Group has already had quite the year, reaching $1.3 billion in closed transactions so far. That total is spread across 41 deals in 22 states. Well done to Ari Adlerstein, Ari Dobkin and Josh Simpson.
Some of the recent highlights include an $80 million acquisition financing and a $7.5 million AR line closed for five skilled nursing facilities totaling 740 beds in Pennsylvania. The acquisition loans didn’t stop there, with the team also arranging $38.5 million in financing for a borrower acquiring three SNFs and refinancing five additional facilities totaling 840 beds in Minnesota and Wisconsin. Then, in Massachusetts, the buyer of two skilled nursing facilities totaling 265 beds obtained $30 million in financing, courtesy of the Meridian team. Lastly, in New York, the team arranged $7.6 million in financing for the purchase of an 84-bed ALP (Assisted Living Program) facility in New York.
Messrs. Adlerstein, Dobkin and Simpson facilitated the sale of two skilled nursing facilities with a combined 305 beds in Virginia for $36.3 million, or $119,000 per bed (arranging $33.8 million in acquisition financing and a $2.5 million line of credit to fund it) plus a 150-bed SNF also in Virginia for $10.1 million, $67,300 per bed (also funded by an $11.2 million acquisition loan and $2.7 million in financing for capital expenditures).
Next, there were the refinances, including a $37 million cash-out refinance of a 200-bed assisted living community in New York, a $22 million loan to refinance six SNFs and 421 beds in Iowa, and a $12 million refinance of a 72-bed memory care community in Arizona.
Finally, the trio closed an $8.3 million construction loan for a 243-bed New York SNF to add a new wing. Is it time to hit the beach yet?
