Just a week after arranging first lien debt for a portfolio of three skilled nursing facilities in Kentucky and North Carolina, MONTICELLOAM, LLC and its affiliates (Monticello) went back and secured a working capital loan to the portfolio’s operating companies. Averaging nearly 50 years in age, the portfolio totals 312 beds. Two of the facilities were refinanced with the debt, while a 114-bed facility in Kentucky was acquired. Given the age, we image some of that working capital will be put to use modernizing and refurbishing the physical plants.
The first lien debt totaled $30 million, with a 36-month term, while the working capital loan totaled $2.50 million. They were arranged on behalf of an experienced owner/operator of skilled nursing facilities with a current portfolio of 8,752 licensed beds.
