Meridian Capital’s $210M Financing Across 5 States; New Hospital-Based SNF in Houston

Palmer Township, Pa., Recommends Application for New Building

The Palmer Township Planning Commission recommended a conditional use application that would allow the construction of a four-story nursing home planned by developer Abe Atiyeh, The Morning Call reported.

Atiyeh’s Pennsylvania Venture Capital (PVC) wants to build a 102-bed skilled nursing facility; without the conditional use approval, the building will have to be shorter with a broader footprint, according to PVC vice president David Harte.

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Houston Gets New SNF Linked to Memorial Hermann Katy Hospital

A new skilled nursing facility linked to Memorial Hermann Katy Hospital — called VibraLife of Katy — opened recently in Houston. The facility has 104 beds, including a 70-bed skilled nursing unit, an 18-bed assisted living center, and a 16-bed secured memory care unit.

The community has an affiliation agreement with Memorial Hermann, one of Texas’ largest non-profit health systems, and with Medistar, a Houston-based developer and owner of health care real estate.

Meridian Capital Group Arranges $210 Million for SNFs in Five States

New York-based Meridian Capital Group’s senior housing and health care team arranged $210 million in financing for a combination of skilled nursing, assisted living, and continuing care retirement communities (CCRCs). The properties are located in Florida, Maryland, Minnesota, North Carolina, and Wisconsin.

The financing included a $60 million acquisition loan along with $15 million in working capital for a five-SNF portfolio with 607 beds located throughout Florida. This was in addition to another $6.8 million in acquisition financing, with $700,000 in working capital for the purchase of a 104-bed SNF in the same state.

Meridian’s team also arranged $35 million in acquisition financing for the purchase of two skilled nursing facilities in Maryland, as well as the cash-out of a third facility. The company also landed, in the same state, $32 million in acquisition financing for two health care facilities consisting of 263 skilled nursing beds and 25 assisted living beds, as well as the $25 million sale of two skilled nursing facilities totaling 240 beds.

In Minnesota, Meridian arranged $9 million in financing for an 81-bed SNF, which included a $2 million cash-out to refinance an existing loan. In Wisconsin, the firm handled a $4.2 million acquisition loan to fund the purchase of a 160-bed SNF, and the team arranged the $9.6 million sale of a 120-bed SNF in North Carolina.

Written by Maggie Flynn

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