Meridian Ends Summer with $465 Million in Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $465 million in transaction volume in August to round out the summer of 2023. The largest deal saw the team arrange acquisition financing from a REIT and finance company for 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also closed several additional acquisition loans, including $30 million in financing from a commercial bank for five facilities consisting of 470 skilled nursing beds and 92 assisted living units in Indiana; $6.2 million in financing from a commercial... Read More »
1031 Exchange Buyer Acquires in Florida
Gold Choice Palm Coast, an assisted living/memory care community on six and a half acres in Palm Coast, Florida, found a new owner in a 1031 exchange. The 50-unit community was purchased by a 1031 fund looking for newer assets with strong in-place yield. The seller was a Florida-based owner/operator that recently developed the community. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled this transaction, which saw regional and national buyers make purchase offers. This deal plus the pair’s recent sale of The Canopy at Harper Lake total more than $20 million. Read More »
SLIB Facilitates Acquisition of a Florida AL/MC Community
Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage facilitated the sale of The Canopy at Harper Lake, an assisted living/memory care community in Lake City, Florida. Built in 2019, the community comprises 72 beds across 44 assisted living and 20 memory care units on just under six acres. It was stabilized with all private pay residents, high occupancy and strong margins. The seller was a Florida-based developer and investment group. There was a national, yet confidential market with multiple offers from regional and national buyers. The prevailing buyer was a 1031 fund targeting newer assets with strong in-place cash flow. This deal combined with SLIB’s recent... Read More »
Two Acquisitions by The Ensign Group
The operations of Ashley River Healthcare and The Reserve Healthcare and Rehabilitation transferred hands in South Carolina’s Lowcountry. Ashley River Healthcare is a 125-bed skilled nursing facility in Charleston, South Carolina, and The Reserve Healthcare and Rehabilitation is a 135-bed SNF in Hanahan, South Carolina. The acquisition is subject to a long-term, triple net lease. The buyer was The Ensign Group, which has a portfolio that now consists of 295 healthcare operations in 13 states, 26 of which include senior living operations. Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, took over management of the facilities. Ensign is actively seeking acquisition... Read More »
Forbright Bank Finances Senior Care Acquisition
Forbright Bank, a nationwide full-service bank, closed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living campus by a regional operator. The deal marked the seventh successful transaction between Forbright Bank and the borrower. The senior mortgage will finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with a permanent HUD mortgage. The facility features both skilled nursing and assisted living beds and is located in a... Read More »Schedule a demo
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