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Monticello Provides $34.12MM to NY Adult Home Facility

June 20, 2017, 07:19 AM
Filed Under: Healthcare

Monticello Asset Management announced that one of Monticello’s investment vehicles originated $34.12 million in first lien debt financing to Elener Associates, LLC and W Management Group.

Monticello is a Registered Investment Adviser that, through a series of affiliated investment vehicles, provides Bridge-To-HUD Loans to skilled nursing, assisted living and adult home facilities located within carefully selected areas throughout the United States. The Mortgagors are using the funds to acquire a 256 bed adult home facility located in New York. The Borrowers plan to improve operating efficiencies and make significant capital improvements in order to enhance the functional capabilities and proficiencies throughout the building. The Mortgagors anticipate receiving a Department of Housing and Urban Development (HUD) guaranteed loan within the Bridge-To-HUD term. The Borrowers’ Principals have over 40 years of combined experience owning and operating similar facilities.

The facility was built in 1961 and is licensed for 256 beds across four floors. In total, there are 120 resident rooms. In order to expedite the renovations and minimize the irritation of the residents, the Borrowers plan to have one of the facility’s four floors emptied at all times while the improvements are completed. The renovation work to be completed on each floor includes the installation of a kitchenette and changes to the telecommunication systems as well as the fire sprinkler system throughout the building. The property has a total land area of .82 acres and the facility consists of 35,525 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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