One of Monticello Asset Management’s investment vehicles originated $16.48 million in first lien debt to finance the acquisition of a 119-bed skilled nursing facility in Nashville, Tennessee, with the experienced owner/operator buyer looking to refinance through HUD in the coming years.
Built in 1970 and completely renovated and expanded in 2013, this facility has a 48-bed short-term care unit, made up of all private rooms, and the remaining 71 beds are dedicated to long-term care patients. There is also a 4,000-square foot therapy gym that, along with the state-of-the-art upgrades received in 2013, helps the facility compete in the area.
It was acquired by a public REIT as part of a large portfolio transaction in 2016, but was divested by the REIT in 2017. The purchase price of $16 million, or $134,450 per bed, was the highest recorded, on a per-bed basis, in the state of Tennessee. Ben Firestone and Mike Segal of Blueprint Healthcare Real Estate Advisors handled the sale.