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Monticello Provides Over $31MM in Financing for NY Facility

April 25, 2018, 07:14 AM
Filed Under: Real Estate

Monticello Asset Management, LLC announced that one of Monticello’s investment vehicles originated $31.21 million in first lien debt financing to The W Group at New Broadview, LLC.

Monticello’s borrowers are in need of short term financing for acquisition or existing debt refinancing before applying to the Department of Housing and Urban Development (HUD), Fannie Mae, or Freddie Mac for long-term financing. The Mortgagor is using the funds to acquire a single assisted living facility in New York consisting of 200 beds. The Mortgagor anticipates receiving a HUD guaranteed loan within the Bridge-To-HUD term. The Borrower’s Principals have over 20 years of combined experience in the health care industry.

The facility was built in 1974 with an additional 5th floor added in 1999. Of the 200 licensed beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The property has a total land area of .81 acres and the building itself consists of 42,694 square-feet in total. Services include room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision and assistance with activities of daily living (ADLs).

Monticello is a Registered Investment Adviser that, through a series of affiliated investment vehicles, provides Bridge Loans to skilled nursing, assisted living, adult home, and affordable housing properties located within carefully selected areas throughout the United States. 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 lenders.

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