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Monticello Provides $6.25MM in Acquisition Financing to Kansas Nursing Facility

Date: Apr 12, 2017 @ 07:35 AM
Filed Under: Nursing Facilities

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles originated $6,250,000 in first lien debt financing to Olathe Property Holdings, LLC and AHO, LLC.

The mortgagors are using the funds to acquire a 147 bed Skilled Nursing Facility located in Kansas. The borrowers plan to make upgrades throughout the facility in order to attract and accommodate high acuity patients while also improving efficiencies throughout the facility. The borrowers anticipate receiving a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The facility is being acquired as part of a portfolio which includes an additional Skilled Nursing Facility located in Nebraska. The borrowers’ Principals have over 15 years of experience owning and operating Skilled Nursing Facilities.

The Skilled Nursing Facility was built in 1986 and is licensed for 147 beds across 83 private and semi-private units. As the facility has yet to be renovated, the borrowers plan on implementing a $500,000 capital expenditures plan once the facility increases its occupancy in order to properly serve its patients. The property comprises a total land area of 4.71 acres. The facility itself consists of one 52,156 square-foot, single-story structure which contain three dining rooms, a physical therapy room, various multipurpose and activity rooms, a hair salon and commercial kitchen and laundry.

 

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