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Monticello Provides $9.875MM in Financing for Kentucky Skilled Nursing Portfolio

July 12, 2018, 07:08 AM
Filed Under: Nursing Facilities

Monticello Asset Management, LLC announced that two of Monticello’s investment vehicles originated $8.375 million in first lien debt financing to Healthcare Management KY, LLC and a $1.50 million working capital loan to the operating companies of the facilities.

The Mortgagor is using the funds to acquire two Skilled Nursing Facilities in Kentucky consisting of 139 Skilled nursing beds and 8 Personal Care beds. The Mortgagor anticipates receiving a HUD guaranteed loan within the Bridge-To-HUD term. The Borrower’s Principals have over 10 years of combined experience in the health care industry.

Between the two facilities, the average year built is 1996. One of the facilities completed certain renovations in 2014, including a newly built 2500 square foot rehabilitation gym. The portfolio is licensed for 147 beds, 8 of which are personal care beds. The properties comprise of an average total land area of 6.89 acres and an average gross building area greater than 29,500 square feet. At each facility, 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 lenders.

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