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Monticello Provides $16.48MM in Financing to TN Skilled Nursing Facility

January 31, 2018, 07:16 AM
Filed Under: Nursing Facilities

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles originated $16.48 million in first lien debt financing to Nashville 832 Wedgewood Property, LLC. The Mortgagor is using the funds to acquire a single property in Tennessee that holds 119 skilled nursing beds. The Mortgagor anticipates receiving a HUD guaranteed loan within the Bridge-To-HUD term. The Borrower’s Principals have over 40 years of combined experience owning and operating similar facilities.

The facility was built in 1970 with an addition in 2011. Of the 119 licensed beds, there is a short-term care unit comprised of 48 entirely private suites. The remaining 71 beds are typically utilized for long term patients. Additionally, the facility encompasses a 4,000 square foot therapy gym. The property has a total land area of 3.76 acres and the building itself consists of 69,336 square-feet in total. Services provided include 24-hour skilled nursing care as well as ancillary services, including physical, occupational and speech therapies.

Monticello 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 from other Bridge-to-HUD lenders.

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