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Monticello Asset Management Facilitates $28.5MM Mortgage Financing to Skilled Nursing Facility

January 10, 2017, 07:09 AM
Filed Under: Healthcare

Monticello Asset Management, LLC, a Registered Investment Advisor, through an affiliated investment vehicle provides bridge-To-HUD loans to skilled nursing and assisted living facilities throughout the U.S., announced that Monticello’s investment vehicle originated $28.5 million in first lien debt financing to a Skilled Nursing Facility in Perth Amboy, New Jersey.

The Alameda Center For Rehabilitation and Healthcare, LLC (the “Borrower”), a leading provider of healthcare within their local market, used the funds for acquisition of the subject property and expects the property to eventually be refinanced by a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The borrowers are owners and operators with years of experience in the Skilled Nursing industry.

Alan Litt, President of Monticello said, “This transaction provides another example of Monticello’s ability to cater to borrowers’ financing needs while also generating the desired returns for our firm’s participants.”
The property consists of one 82,205 square foot, six-story structure containing the healthcare facility and a detached, 3,400 square foot, one story retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds. The facility also includes five dining rooms, a physical therapy gym, salon, commercial laundry and a commercial kitchen. Some of the services provided include 24-hour skilled nursing care as well as ancillary services such as physical, speech and occupational therapy.

Monticello’s investment vehicles aim to provide financing to Skilled Nursing and Assisted Living Facilities across the U.S. who are in need of short term “Bridge-To-HUD” financing for acquisition or existing debt refinancing before applying to HUD, Fannie Mae, or Freddie Mac for long-term financing. Monticello Asset Management, LLC was founded in October 2014 by its Principals: Thomas Lally, Alan Litt, and Jonathan Litt, who have worked together for over 20 years. The Principals, who have over 30 years of experience as lenders, investors, developers, owners, managers, and workout specialists of Skilled Nursing and Assisted Living Facilities, believe their breadth of experience differentiates Monticello.

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