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Monticello Provides $10.38MM to Tennessee Facility

August 24, 2018, 07:04 AM
Filed Under: Healthcare

Monticello Asset Management, LLC announced that two of Monticello’s investment vehicles originated $8.88 million in first lien debt financing to Madison Due West Property, LLC and a $1.50 million working capital loan the operating company of the facility.

The Mortgagor is using the funds to purchase a single property in Tennessee that holds 139 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 consists of a 50 bed short-term rehabilitation unit and an 81 bed long-term care unit, however all beds are dually certified. The property has a total land area of 10.432 acres and the building itself consists of 56,720 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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