Alec Blanc of Monarch Advisors closed a revolving line of credit for the operator of five skilled nursing facilities in southern Illinois, the purpose being to fund working capital costs across the portfolio. The borrower is based in Chicago and has operated the buildings for more than 10 years. They total about 600 beds and tended to be older, more rural facilities.
Mr. Blanc secured a commitment from a national commercial finance company to provide a $2.75 million loan that allows advances up to 85% of the net collective value of accounts receivable. The non-recourse financing also came with a two-year, interest-only term and a floating rate.
