The financings keep on flowing from Monticello Asset Management, which recently secured two more first lien debt packages for clients in the Mid-Atlantic. The Maryland transaction consisted of a $32 million loan provided to an experienced owner/operator with a portfolio of over 1,300 licensed beds to refinance its 177-bed skilled nursing facility in Cecil County (northwest Maryland). Built in 1994, the facility (through its operating company) also received a $2 million working capital loan.
Then, in New Jersey, Monticello funded the acquisition of a rental CCRC in Camden County with $38 million in first lien debt. Consisting of 226 independent living units, 113 assisted living/memory care units and 60 skilled nursing beds, the community was acquired by an owner/operator with various types of senior living communities in its 700+ bed/unit portfolio. Monticello also provided a $1 million working capital loan to the community’s operating company.
