A joint venture between Sino-Ocean Capital and Meridian Senior Living engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to both finance the purchase of two seniors housing communities in Florida and refinance a previous Capital One loan that the JV used to acquire three communities in California. All five assets are cross-collateralized and cross-defaulted (which helps provide for competitive pricing and terms), plus the transaction was structured to allow other assets to be added to the existing portfolio in the future. The Florida acquisition involved a 106-unit community in Fort Lauderdale and a 132-unit community in Boca Raton, both operating under the “Symphony” brand. The California portfolio consists of three 76-unit communities in Claremont and Ventura.
One of the top-ten real estate companies in mainland China listed on the Hong Kong Exchange, Sino-Ocean Capital owns a 40% stake in Meridian, which has a portfolio of 75 communities in 21 states and the District of Columbia. Before that, Sino-Ocean Group also partnered with Emeritus Corp. to open its first high-end senior living community on the outskirts of Beijing.
