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Monticello Asset Management Facilitates $7.2MM Mortgage Financing to NY Skilled Nursing Facility

November 11, 2016, 07:29 AM

Monticello Asset Management, LLC, a Registered Investment Advisor, through an affiliated investment vehicle provides Bridge-To-HUD loans to skilled nursing and assisted living facilities throughout the U.S., announced that Monticello Asset Management, LLC’s investment vehicle originated $7.2MM in first lien debt financing to a Skilled Nursing Facility in Niagara Falls, NY. The borrower is using the funds to refinance existing debt and expects the property to be refinanced by a Department of Housing and Urban Development (HUD) guaranteed mortgage within the Bridge-To-HUD term. The borrower’s Principals are operators with years of experience in the Skilled Nursing industry.

Alan Litt, President of Monticello Asset Management, LLC said, “This loan is a great example of how we work with our clients to structure a bridge that meets their needs.”

The Skilled Nursing Facility consists of 105 rooms, 160 licensed beds which includes a 15 bed subacute rehabilitation unit. Some of the services provided include 24-hour Skilled Nursing care as well as ancillary services such as physical therapy, occupational therapy and speech therapy.

Monticello Asset Management, LLC’s investment vehicles aim to provide financing to Skilled Nursing and Assisted Living Facilities across the U.S. who are in need of short term “Bridge-To-HUD” financing for acquisition or existing debt refinancing before applying to HUD, Fannie Mae, or Freddie Mac for long-term financing. Monticello Asset Management, LLC was founded in October 2014 by its Principals: Thomas Lally, Alan Litt, and Jonathan Litt, who have worked together for over 20 years. The Principals, who have over 30 years of experience as investors, lenders, developers, owners, managers, and workout specialists of Skilled Nursing and Assisted Living Facilities, believe their breadth of experience differentiates Monticello Asset Management, LLC.

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