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Monticello Provides $38.1MM in Financing for 600-Bed Skilled Nursing and Assisted Living Facility Portfolio

April 10, 2019, 08:55 AM
Filed Under: Nursing Facilities

Monticello Asset Management, LLC, a specialized private real estate and asset-based lender, asset manager and servicer, announced it has provided $35.6 million in first lien debt financing for the acquisition of three skilled nursing properties and two skilled nursing/assisted living facilities totaling 600 beds across North Carolina and $2.5 million for renovation financing at the facilities.

The transaction includes a $4.5 million working capital loan made to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital, LLC.
The borrower is an experienced owner and operator with a current portfolio of over 2,600 licensed beds and has an established relationship with Monticello. Prior to this deal, Monticello financed the borrower’s acquisition of a number of facilities during 2018. The borrower anticipates receiving a HUD guaranteed loan.

Monticello offers Bridge-To-HUD and long-term financing options for skilled nursing facilities, assisted living facilities and affordable housing facilities throughout the U.S. that are in the process of obtaining permanent financing.

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