The senior housing and health care team of Meridian Capital Group arranged for more than $500 million in financing for skilled nursing, independent living, and assisted living facilities with 17 transactions across 9 states in the first quarter of the year.
The deals included $126 million in acquisition financing and equity for a 14-property SNF portfolio with 1,333 beds throughout Indiana; *$44 million in financing for three SNFs in Ohio; $90 million in acquisition financing for a 12-property skilled nursing portfolio in Virginia; and $41 million in financing for four SNFs in New Jersey with 628 beds.
Other deals for the New York-based Meridian included a $15.4 million acquisition loan for the purchase of a 265-bed SNF in Illinois, in addition to $3.5 million in working capital; and *$6.5 million in financing for a 99-bed SNF in Ohio.
Regional Owner-Operator Snaps Up Illinois SNF
Senior Living Investment Brokerage (SLIB) arranged the sale of the Rosewood Care Center of Galesburg, a 180-bed SNF located in Galesburg, Illinois, for $3.3 million. The facility was 76% occupied at its functional capacity of 141 beds, and 59% based on total beds. The sale was part of a larger Rosewood portfolio; the seller was a private real estate investment trust with cooperation from its lender.
The buyer was a regional owner-operator with existing facilities in the market and across the Midwest. Earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) was a loss of $1.2 million at the time of the sale.
The transaction was handled by Ryan Saul of SLIB.
Saber Healthcare Opens New SNF in Mocksville, N.C.
Saber Healthcare Group, based in Bedford Heights, Ohio, held a grand opening for a new 108-bed SNF in Mocksville, N.C., called the Davie Health & Rehabilitation Center. The facility replaces Autumn Care of Mocksville, which Saber purchased in March 2016, the Davie County Enterprise Record reported.
The new building employs 102 full-time, part-time, and PRN workers, and with Saber looking to hire more.
The operator has more than 115 SNFs and assisted living facilities across Delaware, Florida, Indiana, North Carolina, Ohio, Pennsylvania, and Virginia.
This article has been updated to correct mistakes to the deals Meridian facilitated in Ohio and Virginia. SNN regrets the errors.
Companies featured in this article:
Davie County Enterprise Record, Meridian Capital Group, Saber Healthcare Group, Senior Living Investment Brokerage
