The borrower will use a portion of the proceeds to acquire two senior housing communities in Florida, the 106-unit Symphony at the Waterways in Ft. Lauderdale and the 132-unit Symphony of Boca Raton. The rest will be used to refinance a Capital One loan that the sponsors used to purchase three communities in California: Claremont Place Senior Living, Cypress Place Independent Living, and Cypress Place Assisted Living. Each of the California communities have 76 units, and the Cypress Place communities are located on the same campus in Ventura.
All five assets are cross-collateralized and cross-defaulted, and the transaction has been structured to enable additional assets to be added to the existing portfolio in the future.
“The crossed pool of assets enabled us to provide very competitive pricing and terms,” said Dana Scheppmann of Capital One Healthcare Real Estate. “Going forward, the loan structure will enable Sino-Ocean and Meridian to add (or release) properties as they continue to expand their portfolio nationwide.
“We appreciate Capital One’s understanding of our business plan along with not only their responsiveness to our needs but their ability to execute under an accelerated timeline,” said Daniel Castleberry, chief investment officer of Meridian Senior Living.
Established in 2010, Meridian Senior Living operates a network of communities that provides care to more than 7,000 senior residents in 75 communities in 21 states and the District of Columbia. It is the 18th largest senior housing operator in the United States.
Sino-Ocean Group is one of the top ten mainland China real estate companies listed on the Hong Kong Exchange. It owns more than 180 projects across China. Sino-Ocean Capital was established to diversify the company’s real estate holdings globally and has a 40 percent stake in Meridian.
Capital One Healthcare provides financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives.