Meridian Capital Group’s seniors housing and healthcare team is sprinting to the end of summer, with over $160 million in transactions closed in the last two weeks alone. September has been noticeably slower than even previous months, so to get that amount of transaction volume across the finish line is impressive.
Managing Directors Ari Adlerstein and Ari Dobkin, along with Senior Vice President Josh Simpson, first arranged a $47.8 million loan from a finance company, plus a $3 million A/R line to refinance two skilled nursing facilities with 328 total beds in New Jersey.
The trio also secured a $30.2 million acquisition loan to fund the purchase of a CCRC in Florida with 120 independent living units, 56 assisted living units, 37 memory care units and 84 skilled nursing beds. That debt comes out to just over $100,000 per bed, putting the acquisition somewhere between $125,000 per unit and $150,000 per unit. Given today’s environment and the more conservative lending parameters, we guess it may be closer to the $150,000 per bed range.
Finally, in a more highly leveraged deal, Messrs. Adlerstein, Dobkin and Simpson sold a 280-bed skilled nursing facility in New York for $40.6 million, or $145,000 per bed. They also secured the acquisition financing for the deal, comprising a $38.8 million loan from a finance company and about $2.4 million of capex for the facility.
