Meridian’s Momentum Continues into Q1

Meridian Capital Group’s Senior Housing and Healthcare team closed nearly $1 billion in transaction volume in the first quarter of 2022 for 97 properties in 19 states, following a record year in 2021 where they closed more than $5.5 billion in transaction volume. Ari Adlerstein and Josh Simpson led the team, which included Matt Lesnik, Jesse Rauch, Rafi Sod, David Gottlieb, Jacob Scott and Yuval Hananya. 

The largest transaction was a $100 million acquisition loan provided by a commercial bank and mezzanine lender for seven skilled nursing facilities comprising 848 beds in Florida. There were several other acquisition loans, including an $80.3 million loan from a finance company for the purchase of four facilities totaling 461 skilled nursing, 298 assisted living, and 125 independent living beds in Ohio, which was negotiated by Avi Begun. Next, the team closed a $50 million acquisition loan from a commercial bank for five SNFs consisting of 511 beds in Mississippi. 

In Florida, they closed a $48.2 million acquisition loan along with a $3 million A/R line for four facilities comprising 341 skilled nursing and 97 assisted living beds, as well as a $46 million acquisition loan and a $3 million A/R line for two skilled nursing facilities totaling 360 beds. Both loans were provided by commercial banks.  

They also arranged a $34 million acquisition loan from a commercial bank along with a $3 million A/R line for three New Hampshire facilities comprised of 246 skilled nursing beds and 72 independent living units, a $29.7 million acquisition loan from a commercial bank for a 192-unit assisted living community in New York, and a $22.1 million loan from a commercial bank for the acquisition of a community consisting of 66 assisted living and 23 memory care units in Nebraska, which was negotiated by Avi Begun.  

Additionally, Meridian closed a $19.7 million loan from a finance company for the acquisition of two SNFs with 182 beds in New York, and a $19.3 million construction loan from a commercial bank for an Ohio facility totaling 46 skilled nursing beds in addition to 19 assisted living, 25 independent living and 15 memory care units. Meridian’s Sim Goldberg closed a $19 million acquisition loan from a finance company in addition to a $2.5 million A/R line for two skilled nursing facilities in North Carolina totaling 280 beds.  

There were several refinances as well, including a $29 million loan from a commercial bank for three communities totaling 195 assisted living, 20 independent living, and 58 memory care units in Washington, which was negotiated by Avi Begun, and a $16 million loan for a 271-bed skilled nursing facility in Pennsylvania. 

Rounding out their recent activity, the Meridian team sold a 96-bed SNF in Florida for $12.9 million, $134,400 per bed, and arranged $11.9 million from a finance company for the acquisition.