The last month has seen the team at Meridian Capital Group close $672.4 million in transaction volume across 56 total properties. Comprising both financings and investment sales, that’s some impressive action. The Meridian team for these transactions comprised Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch and David Gottlieb.
First, Meridian handled the sale of five skilled nursing facilities and 527 beds in Vermont for $46.6 million, or $88,400 per bed. Gleaned from local news reports, the seller was Genesis HealthCare. Four years ago, the large provider acquired the Vermont portfolio for $39 million from Revera, Inc. Located in Bennington, Burlington, Berlin, Springfield and St. Johnsbury, they have an average age of nearly 45 years.
The buyers, David Gamzeh, Akiva Glatzer and Akiko Ike (Gamzeh and Glatzer own New York-based Priority Healthcare Group) took over management of the facilities on October, and the deal is expected to close early next year. To fund the acquisition, Meridian helped arrange $39.5 million in financing along with a $5 million A/R line of credit.
Next, the Meridian team sold six skilled nursing facilities totaling 582 beds in Indiana, in addition to securing $37.8 million in acquisition financing and a $4.3 million A/R line for five of the six properties.
Meridian arranged several more acquisition financings in the past month, the largest being a $311 million acquisition loan from Capital Funding Group’s new credit venture, CFG Credit Partners, LLC. The loan supported Eagle Arc Partners’ acquisition of 18 skilled nursing facilities in Florida, but did not include the Eagle Arc’s purchase of one facility each in Mississippi and Georgia. For more details on that deal, check out our recent article on it.
Then, for Imperial Healthcare Group’s purchase of Abramson Senior Care’s flagship senior care campus outside of Philadelphia, Pennsylvania, Meridian arranged a $60.3 million loan from a commercial bank and mezzanine lender. They also secured a $5 million A/R line. Again, for more details on the sale, read about them here.
The acquisition loans kept on coming, with Meridian securing a $22.2 million from a commercial bank plus a $2 million A/R line to support the acquisition of two skilled nursing facilities and 235 beds in Virginia. Again working through a commercial bank, Meridian arranged a $10.1 million loan, in addition to a $1 million A/R line, for the purchase of a 156-bed SNF in Ohio.
Finally, Meridian arranged a couple of refinances, first a $57 million commercial bank loan for 12 skilled nursing facilities and 855 beds in Nebraska (plus, you guessed it, a $5 million A/R line), and then a $15.8 million Freddie Mac loan for a 91-unit independent living community in California.
