BOCA RATON, FL – Capital One has closed a $108.9 million loan to a joint-venture owned by Sino-Ocean Capital and Meridian Senior Living.
A portion of the loan will be used to acquire two senior housing communities in Florida: Symphony at the Waterways, a 106-unit community in Ft. Lauderdale, and the Symphony of Boca Raton, a 132-unit facility.
The remainder of the proceeds will be utilized to refinance a Capital One loan, which the sponsors previously used to purchase three California communities—Claremont Place Senior Living, Cypress Place Independent Living and Cypress Place Assisted Living, which are each comprised of 76 units.
The five assets are cross-collateralized and cross-defaulted. The loan has been structured for additional assets to be added to the existing portfolio, enabling Sino-Ocean Capital and Meridian Senior Living to add or release properties as they expand their portfolio.
Meridian Senior Living, established in 2010, operates a network of communities, providing care to more than 7,000 senior residents in 75 communities. The firm serves as the 18th largest senior housing operator in the US.
Sino-Ocean Capital, of Sino-Ocean Group, was established to diversify the company's real estate holdings, globally. The firm holds a 40% stake in Meridian. Sino-Ocean Group serves as one of the top ten mainland China real estate companies, listed on the Hong Kong Exchange. The group owns more than 180 projects across China.
Capital One Healthcare, a financial services provider, specializes in financing acquisitions, refinancing existing debt, capital needs support and fund growth initiatives. The firm serves customers across healthcare sectors including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
