A large owner/operator of skilled nursing facilities just refinanced two of its facilities and acquired a third with the help of MONTICELLOAM, LLC (Monticello). Averaging nearly 50 years in age, the portfolio totals 312 beds in North Carolina and Kentucky.
The acquired facility joins a portfolio of 8,752 total licensed beds, grown significantly in the last few years with financing provided by Monticello. This transaction featured $30 million in first lien debt with a 36-month term.
The deal is similar to another that Monticello closed earlier this month that involved first lien debt provided to an experienced owner/operator for the acquisition of a couple of senior care facilities and the refinance of two others. All located in Kansas, the facilities totaled 282 beds. The acquisition included a skilled nursing facility and one skilled nursing/inpatient rehab facility, averaging around 45 years in age and combining for 156 beds in northeast Kansas. In the end, the borrower obtained $15.5 million in debt, amounting to about $55,000 per bed.
