To finance the acquisition of two skilled nursing facilities in New Jersey, Monticello Asset Management worked on behalf of a previous client to provide first lien debt financing for the deal. The two facilities totaled 328 beds and were acquired on the heels of another SNF acquisition by the buyer in 2018.
The 2019 acquisition was funded by $37.8 million in financing, but Monticello’s asset-based lending group, Monticello Commercial Capital, also provided a $3 million working capital loan to the operating companies. In the end, the borrower expects to refinance through HUD.
