The team at Meridian Capital Group has been hard at work closing a number of transactions in the last few weeks. They have clearly gained some experience on how to get deals done in this COVID-19 environment, which we recently highlighted in a Q&A with Ari Adlerstein, Ari Dobkin and Josh Simpson.
For a total of 13 skilled nursing facilities in four states, the team closed $165 million in transaction volume since the end of March. The largest financing was a $39 million non-recourse loan, with a 10-year term and aggressive pricing from a commercial bank, to refinance two skilled nursing facilities and 240 total beds in Maryland. The Meridian trio also refinanced five skilled nursing facilities and 724 beds in Ohio with a $37 million loan provided by a finance company.
There were a couple of acquisition financings too. First, for two skilled nursing facilities and a combined 300 beds in New Jersey, a commercial bank provided a $30.6 million loan, with Meridian also arranging a $2.5 million A/R line. Meridian then closed a $19.3 million acquisition loan also from both a commercial bank and mezzanine lender for two SNFs and 285 beds in Washington, in addition to a $2 million A/R line.
Finally, Messrs. Adlerstien, Dobkin and Simpson sold a 140-bed skilled nursing facility in Maryland for $16.8 million, or $120,000 per bed, or just below the $128,200 per bed average for the state according to our most recent Senior Care Acquisition Report. To fund the deal, the trio also arranged $16 million in financing along with a $2 million A/R line.
