Capital Health Group and AEW Capital Management Sell Florida Communities
We just learned of the sellers in Sino-Ocean Capital and Meridian Senior Living’s acquisition of two seniors housing communities in Florida. After funding the land acquisition and development of the two communities, Capital Health Group and AEW Capital Management are selling the properties for an undisclosed amount. The deal involved a 106-unit community in Fort Lauderdale built in 2016 and a 132-unit community in Boca Raton just opened last year, both operating under the “Symphony” brand. They were both well occupied. The buyers engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to... Read More »
Sino-Ocean Capital and Meridian Senior Living Acquire Two More Properties
A joint venture between Sino-Ocean Capital and Meridian Senior Living engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to both finance the purchase of two seniors housing communities in Florida and refinance a previous Capital One loan that the JV used to acquire three communities in California. All five assets are cross-collateralized and cross-defaulted (which helps provide for competitive pricing and terms), plus the transaction was structured to allow other assets to be added to the existing portfolio in the future. The Florida acquisition involved a 106-unit community in Fort Lauderdale and a... Read More »
Meridian-Operated California Community Gets a New Owner
Three years after acquiring a struggling assisted living/memory care community in Rancho Cucamonga, California, a Chicago-based private equity group is exiting the asset, and leaving the community in better shape. Originally built in 2002, the 86-unit community features 62 assisted living and 24 memory care units across four free-standing buildings. Occupancy was a solid 86%, but it was being mismanaged by an inexperienced operator prior to the PE takeover, which came at a price of $13.6 million, or $158,100 per unit. For the community’s vintage and location, that was certainly a low price. Meridian Senior Living took over the operations, and clearly did a good job turning the property... Read More »
Meridian Moves into Central California Communities
Griffin-American Healthcare REIT IV found a new operator in Meridian Senior Living for three of its northern California communities. Acquired as part of a five-property portfolio acquisition in June 2017 from Nazareth Healthcare, these communities were then leased to Colonial Oaks under a 15-year absolute net lease with annual rent escalators of 6.5% after the first year and 2.5% thereafter. They were 100% occupied at the time and featured a mix of assisted living and memory care services in Menlo Park (45 MC beds), Sacramento (160 AL and MC beds) and Fairfield (102 MC beds). Originally, there was a second tranche of facilities supposed to be acquired in the 2017 deal, but Griffin-American... Read More »Schedule a demo
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