MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, announced a couple of financings for skilled nursing clients in New England and North Carolina. First, for eight skilled nursing facilities in Massachusetts and Rhode Island, the firm closed a $70 million senior bridge loan with a 24-month initial term. It will be used by the sponsor, a returning MONTICELLOAM client and established operator across the Northeast, to refinance the existing debt on the portfolio, comprising more than 700 licensed beds.
MONTICELLOAM and firm affiliates also funded $47.15 million in total bridge and working capital financing for three skilled nursing facilities and over 300 licensed beds in North Carolina. The financing includes a $44.9 million bridge loan and $2.25 million in working capital, supporting the sponsor who is a returning healthcare client. The loan is structured with an initial 24-month term and two optional six-month extension periods.
