An experienced owner/operator just bought a large portfolio of skilled nursing facilities in North Carolina and Kentucky, thanks in part to first-lien debt financing provided by Monticello Asset Management and its affiliates. The acquisition involved 12 SNFs evenly split between the two states. The properties averaged a 1977 vintage, and the gross building area totaled 402,554 square feet.
There was also one skilled nursing facility already in the buyer’s portfolio that was refinanced in the deal. Altogether, there were 1,357 beds across the portfolio, bringing the buyer’s total to more than 8,750 licensed beds.
Monticello had worked with the borrower before, financing the acquisition of a number of facilities in 2018 and 2019. For this transaction, Monticello provided $117 million in financing to support both the acquisition and the refinance. In addition, the operating companies of the properties received a $10 million working capital loan from Monticello Commercial Capital.
