Meridian Closes $200 Million in Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, had an impressive October, closing $200 million in transaction volume. The team recently sold seven skilled nursing facilities totaling 844 beds in Massachusetts for $58.8 million, or $70,000 per bed, and arranged $45 million in financing from a commercial bank for the acquisition and the refinance of an eighth skilled nursing facility in Illinois comprising 53 beds. They also sold a 242-bed skilled nursing facility in Colorado for $28.4 million, or $117,400 per bed. Rounding out their recent activity, the team arranged $28 million from a finance company to refinance two... Read More »
Not-For-Profit CCRC Receives Financing
Ziegler successfully closed a bond financing for Shenandoah Valley Westminster-Canterbury, a Virginia not-for-profit organization that owns and operates a CCRC in Winchester. Set on 87 acres, the 40-year-old campus provides housing, health care, and other services to nearly 400 residents across 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. The organization is currently completing an independent living expansion project, the first phase of which was financed by Ziegler in 2022 and will include 48 new IL villa apartments. The second phase of the project that is being financed with the new Series 2023... Read More »
KeyBank Finances New Construction in Cleveland
A new affordable senior apartment community is being built in Cleveland, Ohio, thanks to $11.3 million in 9% tax credit equity provided by KeyBank Community Development Lending and Investment (CDLI). Garrett Square Apartments will include 49 units of affordable seniors housing in the Glenville neighborhood of Cleveland. The financing package comprised a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans totaling $1.7 million provided through the City of Cleveland’s American Rescue Plan Act, $900,000 from City Home, and $450,00 from the County ERA fund. The site is currently occupied with a parking lot and... Read More »
JLL Lands LifeCo Loan
A life insurance company provided a senior loan to refinance The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, Texas. JLL Capital Markets arranged the $28 million mortgage on behalf of the borrower, Harmony Communities. Taking out existing construction debt and funding an expansion of the community, the loan came with a four-year, fixed-to-floating rate term. JLL Capital Markets’ Debt Advisory team, led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White, handled the transaction. Opened in 2021, the community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care,... Read More »
CFG Arranges Acquisition Financing for CA SNF Deal
It was announced that Capital Funding Group arranged acquisition financing for International Equity Partners and Cypress Healthcare Group’s purchase of three skilled nursing facilities in California. The not-for-profit Eskaton sold the facilities to exit the stand-alone SNF space, and it was represented by Ziegler in the process. The sale included the 99-bed Eskaton Care Center Manzanita in Carmichael, the 148-bed Eskaton Care Center Greenhaven in Sacramento and the 149-bed Eskaton Care Center Fair Oaks in Fair Oaks. All were built around 1980 and were losing millions on $42.1 million of 2022 revenues. The transition process required Attorney General approval, which was given in September.... Read More »Schedule a demo
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