April showers certainly brought a dizzying number of financings closed by the team at Meridian Capital Group, arranged for a combination of 26 assisted living and skilled nursing facilities in seven states. Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb and Jacob Scott negotiated the transactions, which totaled $352 million. Maybe now they’ll have time to smell the May flowers.
The highlight of the two weeks was a $136 million bridge-to-HUD refinance for five facilities totaling 830 skilled nursing and 24 assisted living beds in Maryland. There were also several acquisition financings, the largest being a $62.4 million loan from a commercial bank along with a $6 million AR line for four skilled nursing facilities comprised of 741 beds in Georgia.
Through a finance company, the team also arranged $17.85 million in acquisition financing for a ground lease acquisition in California. Additionally, in New Jersey, the team arranged an $18.9 million acquisition loan from a commercial bank for a facility comprised of 111 skilled nursing and 125 assisted living beds and an $8.8 million acquisition loan from a commercial bank along with a $1 million AR line for a 102-bed skilled nursing facility.
There were a number of refis as well, including a $14.2 million HUD loan for a 108-bed skilled nursing facility and a $14.7 million HUD refinance for two assisted living and memory care facilities with 190 beds in California. Avi Begun handled the latter transaction.
A finance company provided $19.1 million to refinance a 190-bed facility in Illinois, a commercial bank provided $15 million for a portfolio of six skilled nursing facilities with 267 beds in Pennsylvania, and another commercial bank provided a $10 million line-of-credit for 14 senior care facilities in Pennsylvania and Maryland to round out the refinance activity. Meridian also closed a $27.5 million construction loan for an assisted living community in Florida.
That makes for $1.4 billion in financings closed year-to-date in 2021, on top of a $3.2-billion year in 2020. Keep it going.
