Meridian Capital Group is having quite the year, already with $2.7 billion in transaction volume closed to date in 2021. Most recently, the firm closed more than $390 million in deals for a combination of 42 skilled nursing, independent living, assisted living and memory care properties in nine states. Meridian’s Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb, Jacob Scott and Rafi Sod negotiated the transactions. Maybe a well-deserved summer vacation is on the horizon now? Beaches are open.
On the M&A side, the team closed a number of sales, the largest being the $74 million sale of six skilled nursing facilities comprising 925 beds in Pennsylvania. To help fund it, they also arranged $66 million in acquisition financing and a $13 million A/R line. Staying in the Keystone State, Meridian sold a senior care facility with 115 skilled nursing and 12 independent living beds for $11.5 million, securing $16.5 million in funding to finance both that purchase and the acquisition of another Pennsylvania facility comprising 122 skilled nursing and 44 assisted living beds.
They pulled double duty on a New Jersey deal too, selling a 110-unit assisted living/memory care community for $37.8 million and arranging $31.1 million in financing that was negotiated by Meridian’s Sim Goldberg. And the team sold two more skilled nursing facilities totaling 174 beds in Illinois for $5.7 million.
There were a number of pure acquisition financings too, most notably a $33 million loan and a $4.5 million A/R line for three SNFs totaling 441 beds in Massachusetts, and a $24.7 million loan (plus $2.5 million A/R line) to support the purchase of two other SNFs in the Bay State comprising 249 beds. Finally, for the acquisition financings at least, Avi Begun of Meridian closed $19.8 million in financing and a $3.5 million A/R line for 10 SNFs with 568 beds in Iowa. The acquisition lending market is alive and well, clearly.
Meridian showed its variety as well, arranging a $27.8 million construction loan for a 112-unit assisted living/memory care community in Florida. Then, to refinance a 56-unit assisted living community in Arizona, they arranged a $13.2 million loan. They also secured a $10 million line of credit for five SNFs comprising 470 beds in West Virginia and Delaware.
