Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed over $850 million in transaction volume in the second quarter of 2024 across 26 transactions, following $525 million closed in the first quarter of the year across a mix of investment sales and financings.
In their most recent transactions, the platform successfully sold four skilled nursing facilities comprising 800 beds in Massachusetts and Connecticut for $60.6 million, or $75,750 per bed. They also sold two skilled nursing facilities in Tennessee with 276 beds for $28 million, or $101,450 per bed, also arranging $22.4 million in financing from a REIT for the acquisition. Additionally, three communities in Wisconsin and North Dakota, consisting of 139 assisted living, 143 memory care, and 146 independent living beds, were sold for $93 million, or $217,300 per unit.
Recent debt transactions include a $201.5 million financing from a commercial bank to refinance a 21-property skilled nursing portfolio in Georgia, North Carolina, Michigan, and Texas, totaling 2,442 beds. The group also secured $32.3 million in financing from a commercial bank and mezzanine lender for the acquisition of three communities in Nevada, which include 360 skilled nursing, 94 assisted living, and 124 independent living beds. Furthermore, an $18.1 million financing was obtained from a commercial bank to refinance a facility in Indiana containing 276 skilled nursing beds.
Additionally, they advised on the acquisition of six skilled nursing facilities in Wisconsin, totaling 848 beds, with a $65 million loan from a commercial bank, along with a $2 million accounts receivable loan. Another notable transaction involved the refinancing of a New Jersey senior care campus with a $46 million loan from a commercial bank and mezzanine lender. The campus is comprised of 180 skilled nursing, 94 assisted living, and 19 memory care beds.
Rounding out their recent activity, Meridian arranged $9.6 million in acquisition financing from a commercial bank for a Colorado property comprising 110 skilled nursing beds. Meridian Senior Vice President Avi Begun also secured $5.5 million in financing from an SBA lender for the purchase of ten assisted living communities in Wisconsin, consisting of 222 beds.
