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Monticello Participates in $14.3MM Financing to Skilled Nursing Facility

February 21, 2017, 07:39 AM
Filed Under: Healthcare

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles participated in providing $14,341,500 of first lien debt financing to a Skilled Nursing Facility in Sacramento, CA.

MAM is a Registered Investment Advisor that, through affiliated investment vehicles, provides Bridge-To-HUD loans to Skilled Nursing and Assisted Living Facilities throughout the United States. 2200 Gramercy Drive, LLC (the “Borrower” or “Property Company”) is using the funds to acquire the property and the operator of the facility plans on carrying out a significant capital expenditure plan. The Borrower 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 Borrower’s Principals are operators with years of experience in the nursing home industry.

Alan Litt, President of Monticello stated, “Monticello is pleased to have the opportunity to work with other capital providers and hope that this transaction will serve as a springboard for future transactions and we are excited to have exposure in California.”

The Facility had been built in 1991 and was sold as its former owner prepared for retirement. The operator will implement a $2.0MM capital improvement plan including, but not limited to, new flooring, wallpaper, bed replacement, technological upgrades, therapy/rehab gym improvements, enhanced lighting and renovation of the dining room. The operator has a proven track record of improving physical plant, attracting residents and increasing acuity. The facility consists of 205 beds, 85 of which are Assisted Living and the remaining 120 are Skilled Nursing. The improvements being implemented into the facility aim to attract more Medicare and Managed Care patients moving forward.

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.

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