Monticello Finances Two Tennessee SNFs
Monticello Asset Management and its affiliates provided $16.7 million in first lien debt to refinance two skilled nursing facilities in Tennessee. Totaling 303 beds, the facilities are owned by an experienced owner/operator with a portfolio of more than 4,630 licensed beds. They were built in 1969 and 1977, respectively. Monticello also had an established relationship with the borrower, having financed its acquisition of a number of facilities in the past several years across multiple transactions. This transaction also included a $3 million working capital loan to the properties’ operating companies. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that... Read More »
People’s United Bank Grows Its Presence
People’s United Bank has been on a roll lately. After closing around $445 million in loans across 48 separate transactions in 2019, including eight loans and $132.5 million in volume in the fourth quarter, the bank kept the activity going with a late January refinance closed on behalf of its client, a joint venture between Benchmark Senior Living, the operator’s equity partner, Kuwait Finance House, and Broadshore Capital. Located in Bedford, New Hampshire and featuring 54 memory care units, with 85 beds, the community received a $23.7 million senior mortgage, with a five-year term and 30 years of amortization. This was People’s first transaction with Benchmark since Matt Huber and Ginger... Read More »
X-Caliber Closes Four Financings
The team at X-Caliber Capital has been putting in the hours lately, with three bridge loans and a HUD refinance to show for the hard work. First, the firm closed a $40 million bridge loan, with a three-year term, for an undisclosed borrower to acquire a 10-facility, 700-bed skilled nursing/assisted living portfolio in Illinois. Next, X-Caliber arranged $32 million in four-year financing to support the acquisition of seven assisted living/independent living communities in four states, with over 650 units across the portfolio. The third bridge loan totaled $1.6 million and came with a three-year term. That was also arranged for an acquisition, this time for a 39-unit assisted living... Read More »
Truist Announces Construction Financing for Charleston CCRC
SunTrust Bank, now Truist, just announced its first loan under its new name. The bank provided $50 million in financing to support the renovation and expansion of a large, not-for-profit CCRC in Charleston, South Carolina, which is affiliated with the Episcopal Church. Originally developed in 1987, with a skilled nursing center added in 1992 and independent living, assisted living and memory care units built in 1999 and 2015, the campus is located on James Island, just south of downtown Charleston. The planned renovation to the assisted living portion will result in 81 one- and two-bedroom units being refurbished. The larger project will see the CCRC add a new 156,000-square foot... Read More »
Monticello Refinances New SNF in Virginia
Monticello Asset Management headed to Rural Retreat, Virginia in the southwest part of the state to arrange first lien debt financing for a 120-bed skilled nursing facility. Working on behalf of the experienced owner/operator, which currently operates 26 facilities in five states (including seven facilities and 915 total licensed beds in Virginia), Monticello and its affiliates provided a $13.5 million loan. It came with a five-year term. The facility was built in 2014, which is quite new for skilled nursing, especially in rural communities. Assuming a standard 70% loan-to-value, that means the per-bed value of the facility surpasses $110,000 per bed. Given its age, that makes... Read More »Schedule a demo
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