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Monticello Provides $45.3MM Financing for NY Portfolio

April 18, 2018, 07:31 AM
Filed Under: Real Estate

Monticello Asset Management, LLC, announced that one of Monticello’s investment vehicles originated $45.3MM in first lien debt financing to Nesconset Property NY LLC and multiple affiliated entities. The Mortgagor is using the funds to acquire one skilled nursing and two adult day care facilities. The three properties are located in New York and consist of a skilled nursing facility totaling 242 beds and two adult day care facilities totaling 165 chairs. The Mortgagor anticipates receiving a Department of Housing and Urban Development (HUD) guaranteed loan within the Bridge-To-HUD term. The Borrower’s Principals have over 40 years of experience in the health care industry.

The adult day care assets were built in 1993 and 1994, respectively, while the skilled nursing facility was built in 1984. The skilled nursing facility is licensed for 242 beds, 2 of which are respite beds. Services provided include 24-hour skilled nursing care as well as ancillary services, including physical, occupational and speech therapies. The 165 chairs at the adult day care facilities are tied to the skilled nursing license and operate one session per day,  Monday through Sunday. The day care facilities offer a decreased number of registrants on the weekends.

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