Capital One Provides $108.9M Loan for Meridian Acquisitions, Refinancings

BETHESDA, Md. — Capital One has provided a $108.9 million loan to a joint venture owned by Sino-Ocean Capital and Bethesda-based Meridian Senior Living.

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 of the funds will be used to refinance a Capital One loan that the sponsors previously 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 feature 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,” says 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.”