FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Monticello Provides $9MM in Financing to Skilled Nursing Facility

January 25, 2017, 07:04 AM
Filed Under: Healthcare

Monticello Asset Management, LLC announced that Monticello’s investment vehicle originated $9 million in first lien debt financing to Greenery Realty Group, LLC, a Skilled Nursing Facility in Canonsburg, PA. MAM is a Registered Investment Advisor that, through an affiliated investment vehicle, provides Bridge-To-HUD loans to Skilled Nursing and Assisted Living Facilities throughout the United States.

Greenery Realty Group, LLC and Greenery Operating, LLC (Collectively, the “Borrowers”) used the funds to acquire and make renovations within the facility in anticipation of receiving a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The Borrower’s Principals are operators with years of experience in the nursing home industry.

Alan Litt, President of Monticello, stated, “We are very confident in the Borrowers’ ability to properly manage and improve this facility moving forward. The Borrowers have put together a comprehensive and detailed plan that Monticello is pleased to be a part of.”

The Skilled Nursing Facility is licensed for 140-beds and was built in 1985. With the most recent renovation taking place in 1995, the Borrower has recently spent substantial capital to make the necessary updates throughout the facility. Upon closing, the Borrowers implemented an initial construction project of $1.2 million and are currently in the process of making more capital expenditures in the amount of $900 thousand. The property, about 20 miles from Pittsburgh, consists of one 52,909 square-foot, single-story structure containing the healthcare Facility, a 1,700 square-foot maintenance building and a 4,000 square-foot, two-story medical office building.

MAM’s investment vehicles provide financing to Skilled Nursing and Assisted Living Facilities across the U.S. who require 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.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.