Meridian Capital Group Finishes May with a Flourish
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... Read More »
PGIM Arranges Two HUD Refinances
PGIM’s Seniors Housing and Healthcare Group arranged refinances for two seniors housing communities in the Southeast, the third and fourth properties refinanced for the same client during the pandemic. Christopher Fenton, Catherine Eby, Adrian Hartman, and Robyn Cunningham originated the loans. The first, totaling $7.93 million, went to a 112-bed skilled nursing facility in Bastrop, Louisiana. Rather than a loan modification, Mr. Hartman and Ms. Cunningham secured a loan to maximize annual cash flow through term extension and a rate savings of 0.8% when considering the lowered MIP. In the other deal, Mr. Fenton and Mrs. Eby provided a $15.94 million loan for a... Read More »
Oxford Finance Secures Senior Credit Facility
Oxford Finance closed a $24 million senior credit facility with Lantern Group, an owner/operator of both skilled nursing and assisted living facilities headquartered in northeast Ohio. The funds were used to acquire three assisted living/memory care communities in Ohio, in the towns of Chagrin, Madison and Saybrook. Totaling 219 units, they had been operated by Lantern since their original construction. Lantern will continue to operate them, no surprise there. The buyout had been in the works for some time, but Oxford helped navigate some hiccups along the way that come with getting deals done these days. Read More »
CBRE Finances Active Adult Development in Chicagoland
A new active adult development that is set to break ground just received financing courtesy of CBRE and a national bank. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance’s John Parret and Peter Marino to arrange the $43 million construction loan. The to-be-built community is located in Chicagoland and will feature around 190 units. It is considered to be “A” quality, which we imagine are easier projects for lenders to get behind right now, especially with an active developer in the space. A national bank provided the loan, which comes with a five-year term, 42 months of interest only and a floating... Read More »
People’s United Bank Refinances Two New England Communities
Bridgeport, Connecticut-based People’s United Bank announced a couple of refinances for seniors housing clients in New England, working with participating banks on both deals. First, up the coast in Mystic, Connecticut, Masonicare of Chester Village is a 179-unit seniors housing campus with independent living, assisted living and memory care services. It opened in 2016. Masonicare received $45 million of debt, with People’s United Bank as the lead holding $30 million and Washington Trust participating with a $15 million hold. There is a seven-year term and 30-year amortization on the debt, which was came in under 67.5% loan-to-value. The transaction replaces mortgages previously held by... Read More »Schedule a demo
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