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Monticello Provides $38MM in Financing for Mixed-Use Rental Model Retirement Community

February 14, 2020, 09:00 AM

MONTICELLOAM, LLC and its affiliates (Monticello), a specialized private real estate and asset-based lender, asset manager and servicer, announced it has provided $38 million in first lien debt financing for the acquisition of one mixed-use rental model retirement community in New Jersey consisting of 226 Independent Living Units, 113 Assisted Living / Memory Care Facility Beds, and 60 Skilled Nursing Facility Beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital, LLC.

The transaction’s sponsor is an experienced owner and operator of various models of senior living communities. Following this transaction, the sponsor’s portfolio consists of 704 beds/units.

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