So far in 2022, Meridian Capital Group’s Senior Housing and Healthcare Team has closed $2.2 billion in transaction volume, following a record year in 2021 where they closed nearly $5.6 billion. The latest transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, along with Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod, and Senior Associates, David Gottlieb, Jacob Scott, and Yuval Hananya, as well as Associate, Dylan O’Connor.
Starting with the sales, the team sold two skilled nursing facilities in New York totaling 515 beds for $129.3 million, or $251,000 per bed, and arranged a $129.5 million loan, which includes capex and an A/R line, from a commercial bank for the acquisition. Next, Meridian sold five facilities in Utah and Nevada comprising 386 assisted living beds and 222 memory care beds for $56.1 million, or $92,300 per unit. They arranged a $33.3 million loan from a finance company and a commercial bank for the acquisition of four of the five properties. Avi Begun negotiated the sale and financing for the properties in Utah and Nevada.
Mr. Begun also arranged the sale of five skilled nursing facilities totaling 580 beds for $87 million, or $150,000 per bed, while Meridian Vice President Sim Goldberg arranged the sale of three skilled nursing facilities consisting of 574 beds for $71.5 million, or $124,600 per bed, and closed a $65 million loan from a finance company and commercial bank along with a $3 million A/R line for the acquisition. Lastly, in Tennessee, the team sold two skilled nursing facilities consisting of 303 beds for $46.5 million, or $153,500 per bed, and arranged a $37.9 million loan from a commercial bank along with a $3 million A/R line for the acquisition. It’s clear that values for SNFs are still high.
Continuing with the acquisition loan activity, the team recently closed a $71.4 million loan from a finance company for six facilities consisting of 299 skilled nursing, 107 assisted living, and 104 independent living beds in Ohio; a $48 million loan from a finance company for eight facilities comprised of 375 skilled nursing and 74 independent living beds in Wisconsin; a $30 million loan from a commercial bank for two facilities totaling 274 skilled nursing and 93 assisted living units in Florida; and a $26.2 million loan from a finance company in addition to a $3 million A/R line for three Texas facilities consisting of 225 skilled nursing and 66 assisted living units. The Florida and Texas transactions were negotiated by Mr. Begun.
Additionally, they arranged $20.4 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of three skilled nursing facilities totaling 404 units in Wisconsin; $16.5 million in financing from a finance company in addition to a $2 million A/R line for the acquisition of two skilled nursing facilities consisting of 168 beds in Alabama; and $7.7 million in financing from a commercial bank for the acquisition of a 130-bed skilled nursing
facility in Georgia. They also closed a $48 million acquisition loan from a finance company for eight facilities with 375 assisted living and 74 independent living units in Wisconsin.
The largest transaction of late was a $135 million loan from a finance company that the team arranged to refinance nine skilled nursing facilities totaling 1,411 beds in Maryland, Georgia, and West Virginia. Meridian also secured a $30 million loan from a commercial bank to refinance a 181-bed assisted living facility in New York, and a $28 million loan from a finance company and commercial bank for a Pennsylvania facility comprising 375 skilled nursing and 32 independent living units.
Rounding out their recent activity, the team closed a $42 million loan from a finance company for the construction of a California facility that will include 82 assisted living and 24 memory care beds, in addition to a $38.2 million construction loan for a 58-bed assisted living and 72-unit memory care facility in New Jersey.
