Meridian Closes $471M in Deals for 36 Skilled Nursing Facilities; Blueprint’s REIT Deal

Meridian Capital Group last week announced the closure of $471 million in skilled nursing deals covering 36 buildings over the span of six weeks, according to the New York City-based finance and investment firm.

The set of transactions brings the total 2020 financing haul for Meridian’s senior living housing and health care team to $1.5 billion, the company disclosed.

Managing directors Ari Adlerstein and Ari Dobkin, along with senior vice president Josh Simpson, led the transactions for Meridian.

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The deal count included:

  • $183.5 million in acquisition financing for a nine-facility portfolio in West Virginia and Pennsylvania, with a total of 921 beds
  • The $75 million refinance of four facilities, with 594 beds, in New Jersey
  • A $40.4 million acquisition loan and $3 million accounts-receivable line for two New Jersey properties with 294 beds
  • $46.7 million in Department of Housing and Urban Development-backed financing for five buildings with 538 beds in Virginia
  • The $41.5 million refinance of three Ohio buildings with a purchase option on a fourth in Maryland, with a total of 429 beds
  • $34.8 million in acquisition financing, coupled with a $4 million AR line, for three facilities in Ohio with 396 beds
  • A $9 million acquisition loan for a single 120-bed building in Rhode Island, along with a $1.5 million AR line
  • A $22 million acquisition loan for four properties in Texas and Iowa, with 236 beds
  • A $9.5 million AR line for three buildings in Florida and one more in Kentucky, with 403 total beds

The financing for the deals was provided by a mixture of commercial banks and finance companies.

Eduro Grows in Colorado

The Salt Lake City-based Eduro Healthcare this week announced the expansion of its portfolio in Colorado with the acquisition of The Springs at St. Andrew’s Village.

Eduro has managed the 58-bed skilled nursing portion of St. Andrew’s Village, a larger assisted living community in the Denver suburb of Aurora, Colo., since July 1.

“This building was an exciting acquisition for us as we are combining an excellent physical plant with outstanding clinical care in an already strong Eduro market,” managing director Michael Bewsey said in a statement. “This building and team will seamlessly integrate into our Colorado platform and be a top performer.”

Eduro operates other skilled nursing facilities in Lakewood and Parker, Colo.

Blueprint’s Kentucky Deal

Blueprint Healthcare Real Estate Advisors last week announced the successful sale of a 120-bed skilled nursing facility in Pikeville, Ky. on behalf of a real estate investment trust (REIT) seller.

Originally built in 1979 with a 1987 renovation, the facility had occupancy above 90% with annual revenues of about $9 million, according to the Chicago-based brokerage.

The operator of the facility had already attempted to exit the property before the REIT acquired the building in a portfolio deal in late 2019; the winning bidder was one of five prospective buyers.

Blueprint executive managing director and co-founder Ben Firestone led the deal along with managing director Michael Segal.

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