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Monticello Provides $69.3MM to Massachusetts Portfolio

June 14, 2017, 07:58 AM
Filed Under: Real Estate

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles originated a multi asset loan comprising of $69.3 million in first lien debt financing to a series of entities, including 50 Christy Place, LLC.

Monticello is a Registered Investment Adviser that, through a series of affiliated investment vehicles, provides Bridge-To-HUD Loans to skilled nursing and assisted living facilities across the United States. The Mortgagors are using the funds to acquire a 616 bed skilled nursing and assisted living portfolio which consists of four facilities located throughout Massachusetts. The Borrowers plan to improve operating efficiencies and make significant savings throughout the portfolio by leveraging their vast network of corporate services and operating experience. The Borrowers anticipate receiving a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The Borrowers’ Principals have over 15 years of experience owning and operating Skilled Nursing Facilities.

Between the four facilities that comprise the portfolio, the average year built is 1994. The portfolio is licensed for 616 beds, 100 of which are assisted living beds. The properties comprise of an average total land area of 3.83 acres and an average gross building area of approximately 70,000 square feet.

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. Monticello’s principals have over 30 years of experience as lenders, investors, developers, owners, managers, and workout specialists of skilled nursing and assisted living facilities and believe their breadth of experience differentiates Monticello.

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