What a six months it has been for Monticello Asset Management. In that time span, the firm and its affiliates have closed around $450 million in five-, seven- and 10-year fixed-rate loans, all of which were non-recourse. And in February alone, Monticello announced $278.7 million in first lien debt financings across seven transactions, plus a number of supplemental working capital loans.
Now, Monticello has kicked off March with a loan totaling $35.9 million to fund the acquisition and renovation of four assisted living/memory care communities in Florida and South Carolina. Totaling 345 units, the communities averaged more than 20 years in age. About $2.7 million will be spent to renovate them. The borrower was an experienced owner/operator of seniors housing assets with more than 1,110 units in its current portfolio.
