MONTICELLOAM, LLC and its affiliates (Monticello) announced a big refinance for an experienced client in Arkansas. The $70 million, five-year loan is secured by a portfolio of seven skilled nursing facilities and 953 total beds. That represents the bulk of the borrower’s holdings in the state, which numbers approximately 1,200 beds. The seven facilities average over 30 years in age.
This transaction comes a month after Monticello and Greystone announced they intend to form a joint venture to become a one-stop-shop provider of capital finance products and services for the senior housing and healthcare industry. The products offered will include first mortgage floating rate bridge loans, fixed-rate conventional term loans, agency loans, mezzanine and preferred equity products, tax-exempt bonds, equity capital, A/R and working capital lines of credit.
