Two Transactions From HJ Sims
HJ Sims recently helped a CCRC in Ponte Vedra Beach, Florida (Jacksonville MSA) refinance its existing bond debt, generating significant savings for the well operating property. Developed in the mid-1980s, this community features 227 independent living units, 38 private assisted living units and 60 skilled nursing beds. Occupancy has historically been high and consistently over 95% for the independent living units, which recently received a renovation. The community’s Series 2007 bonds were not eligible for an advance refunding, because they had repaid the 1993 bonds that were used to advance refund the original 1987 issuance. However, HJ Sims worked with the community’s commercial bank... Read More »Meridian Capital Group’s Strong 2017 Start
Meridian Capital Group shot out of the gates in 2017, already with $175 million in closings to date. In addition to its impressive volume, the firm’s healthcare division, led by Ari Adlerstein, Ari Dobkin and Josh Simpson, showed off its variety, closing construction, mezzanine, bridge, balance sheet and asset-based loans for its clients. The largest of the financings was a $93 million loan to facilitate the acquisition of a 900-bed skilled nursing portfolio in the Northeast. Meridian arranged three other acquisition financings, including $9.9 million for a 120-bed skilled nursing facility in Maryland, $3 million for a 230-unit senior living community (with independent living, assisted... Read More »
Meridian in Massachusetts
New York City-based Meridian Capital Group is helping an undisclosed buyer with the purchase of three skilled nursing facilities and one assisted living community in Massachusetts. Led by Ari Adlerstein, Ari Dobkin and Josh Simpson, the firm arranged a two-year $64 million bridge-to-HUD loan, provided by a finance company, with a full-term of interest-only payments. Plus, with an additional $5 million earn-out feature, the financing comes to 90% loan-to-cost, pushing the acquisition cost up to an estimated $76.7 million. Read More »High price for the Upper West Side
Seniors housing deals valued above $500,000 per unit are rare. In fact, in our M&A database dating back to 1993, only nine have been announced in the U.S. (all since 2015). And up until this month, we only had one domestic deal above $600,000 per unit, which was Health Care REIT’s acquisition of three senior living communities in the Boston area for $150 million, or $652,174 unit. Now, a single 239-unit independent living building in New York City’s Upper West Side is selling for approximately $150 million, and surpassing $625,000 per unit. The Esplanade had been owned by the Scharf family, an owner/operator of senior living communities in the New York City MSA, since they bought it... Read More »Schedule a demo
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