Meridian Capital Group’s seniors housing and healthcare team is having quite a year, reaching $2.31 billion in transaction volume in 2019, so far. That volume is through a total of 63 transactions closed across 27 states for skilled nursing, assisted living, memory care and independent living properties. Helping achieve that impressive level, the group, which is led by Ari Adlerstein, Ari Dobkin and Josh Simpson, closed a couple of very large transactions in the last month, most notably a $241 million acquisition financing for 19 skilled nursing facilities and 2,175 total beds in the Northeast and Mid-Atlantic.
The trio was also responsible for arranging the $157 million in financing used for Peace Capital to acquire a portfolio of six senior care facilities in New Jersey. The capital stack consisted of a $126 million senior loan provided by KeyBank, a $26 million mezzanine loan from Northwind Group, and a $5 million line of credit.
They also arranged $40.2 million in acquisition financing, with a $3.5 million capex line, for the purchase of a skilled nursing portfolio in Georgia. Other recent transactions included includes $20.7 million in acquisition financing, $2.5 million in mezzanine financing, and a $2 million capex line, for the purchase of a skilled nursing facility totaling 180 beds in Florida, and a $17 million acquisition loan for three skilled nursing facilities totaling 367 beds in Massachusetts.
On the investment sales side, the team sold two assisted living and memory care communities totaling 208 beds in Savannah, Georgia, and Madison, Alabama, for $56 million, or $269,200 per bed. Naturally, they also arranged $40 million in acquisition financing to fund the deal. With three and a half months left in the year, we will just have to wait and see how much higher Meridian can go.