Another month, another slew of closings from Meridian Capital Group. The Senior Housing and Healthcare team including Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, Rafi Sod, Yuval Hananya, David Gottlieb, Jacob Scott and Brett Hebert negotiated the transactions, which included several refinances, acquisition loans and two property sales.
The targets in the sales included a 103-unit assisted living/memory care community in Missouri that sold for $10.2 million, or $99,000 per unit, and a 90-unit AL/MC community in Utah that sold for $6.5 million, or $72,200 per unit. Meridian’s Avi Begun arranged acquisition financing for both properties, with an $8.3 million loan from a finance company for the Missouri property and a $5.4 million loan from a commercial bank for Utah. Mr. Begun also closed a $4 million loan from a commercial bank to refinance an Iowa senior care facility.
The Meridian team arranged several acquisition financings, helping to spur on the M&A market. The largest was a $39.8 million loan from a commercial bank plus a $4.5 million A/R line for four skilled nursing facilities with 481 total beds in Virginia. Another commercial bank provided a $33 million loan to support the acquisition of a community in New York with 66 assisted living units and 136 memory care beds. Continuing with the commercial banks, Meridian next arranged a $23.5 million loan and a $1.5 million A/R line of credit for a 215-bed SNF in New Jersey. Then, from a finance company, they arranged a $21.3 million loan to fund the purchase of a CCRC in Wisconsin with 185 independent living units, 116 AL beds and 87 SNF beds. Wrapping up the acquisition financing activity was a $7.9 million loan and an $850,000 A/R line for a Kansas facility with 70 skilled nursing and 41 assisted living beds.
The largest financing closed in the month was a $248 million commercial bank loan, plus a $12 million A/R line, used to refinance eight skilled nursing facilities with 1,007 SNF and 34 AL beds in Maryland and Virginia. The team also closed a $47 million loan from a commercial bank (and a $10 million A/R line) for three SNFs with 191 beds in California, and a $34 million loan from a finance company to refinance a New Jersey facility comprising 130 SNF and 32 behavioral health beds.
That brings Meridian’s total transaction volume to $517 million for October and November and more than $4.5 billion closed year-to-date in 2021.
