Meridian’s $241M Portfolio Deal in the Northeast; Optalis Healthcare Adds Five SNFs in Michigan

Meridian Capital Group this week announced its involvement in a 19-building skilled nursing portfolio deal that saw the New York City-based finance and investment firm provide $241 million in acquisition financing.

The portfolio has a total of 2,175 beds, with locations in Massachusetts, New Hampshire, Pennsylvania, Delaware, Maryland, and West Virginia.

Meridian’s managing directors, Ari Adlerstein and Ari Dobkin, helped lead negotiations along with senior vice president Josh Simpson.

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The firm’s senior housing and health care team have logged $2.31 billion in transactions across the senior housing and care spectrum in 2019 thus far, according to Meridian, with activity in assisted living, independent living, and memory care in addition to skilled nursing.

Healthcare Transactions Group’s 13-SNF Portfolio Deal

The Reisterstown, Md.-based Healthcare Transactions Group on Monday announced a 13-building skilled nursing portfolio sale across the Southeast.

The buildings — 10 of which were affiliated with Concordia Health Partners, and three of which were associated with Curis Health — have a total of 1,585 beds. The footprint consisted of five properties in Tennessee, six in Virginia, and a pair in Kentucky.

Healthcare Transactions Group served as the mergers and acquisitions advisor to the seller during the transaction process, which formally closed September 6. The firm did not disclose the final terms of the deal.

Optalis Grows by Five in the Midwest

Premier Health Care Management sold five skilled nursing facilities and one assisted living property in the Detroit metropolitan area to Optalis Healthcare, a skilled nursing and senior living operator based in Novi, Mich.

The facilities employ more than 2,000 people and house 1,062 beds. The deal closed September 1.

Optalis committed to retaining 95% of the workforce in the facilities to help grow the organization, Premier CEO and co-founder Tim Spiro said in a press release announcing the deal.

The six locations are: Evergreen Health & Rehabilitation Center, Shelby Health & Rehabilitation Center, ShorePointe Health & Rehabilitation Center, ShorePointe Village-Senior Residence, Woodward Hills Health & Rehabilitation Center, and West Bloomfield Health & Rehabilitation Center.

“This was strategically a perfect fit to the Optalis growth plan in the Southeast Michigan market to enhance its presence in Oakland and Macomb counties,” Optalis CEO Raj Patel said.

The advisory firm Stout served as exclusive financial advisor to Premier Health Care Management in the sale.

Blueprint Brokers 10-SNF Deal in Kentucky

Blueprint Healthcare Real Estate Advisors last week announced its involvement in a 10-SNF sale for a publicly traded real estate investment trust (REIT), marking the last stage of a complete exit of the Kentucky market for the operator.

The portfolio had more than 900 total beds, with 885 licensed SNF beds, and generated positive cash flow collectively, with average census levels around 90%.

Housing & Healthcare Finance, LLC, sourced bridge financing for the buyer.

Though not named in Blueprint’s announcement, the bed count and footprint aligns with operator Diversicare Healthcare Services’ (OTCQX: DVCR) recent move to leave Kentucky, which closed August 30. The transaction was contingent upon the provider’s landlord, Omega Healthcare Investors (NYSE: OHI), selling the real estate associated with the Diversicare operations for approximately $85 million.

Ben Firestone and Michael Segal handled the transaction for the Chicago-based Blueprint.

Alex Spanko contributed to this report.

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