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Monticello Provides $9.5MM in Acquisition Financing to Nebraska Facility

March 14, 2017, 07:05 AM
Filed Under: Healthcare

Monticello Asset Management, LLC, announced that Monticello’s investment vehicle originated $9.5 million in first lien debt financing to Omaha Property Holdings, LLC and AHMO, LLC.

The borrowers are using the funds to purchase a 175 bed facility in Nebraska.

The mortgagors plan to make upgrades throughout the facility while improving operations. 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 Kansas. The mortgagors’ principals have over 15 years of experience owning and operating Skilled Nursing Facilities.

The Nebraska Skilled Nursing Facility is licensed for 175 beds across 91 units and was built in 1975. With the last major renovation taking place in 1997, there is a $750,000 capital expenditures plan included within the loan funding which will be provided as improvements are completed and the facility meets certain operating parameters. The subject property comprises a total land area of approximately 3.38 acres. The facility consists of one 56,492 square-foot, single-story structure which contains three dining rooms, multi-purpose rooms, a rehabilitation room, activity rooms, a salon and a commercial kitchen and laundry.

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