To fund its acquisition of two skilled nursing facilities in Kentucky, an investor turned to Monticello Asset Management to arrange financing. Two of Monticello’s investment vehicles originated $8.375 million in first lien debt financing and a $1.5 million working capital loan on behalf of the buyer, Healthcare Management KY, LLC.
The two facilities total 139 skilled nursing beds (147 licensed beds) and eight personal care beds, and average over 20-years old. One of them was renovated in 2014, receiving a brand-new 2,500-square foot rehab gym. The new owner, whose principals have over 10 years of combined experience in the health care industry, expects to eventually refinance with HUD.