Monticello In Music City
One of Monticello Asset Management’s investment vehicles originated $16.48 million in first lien debt to finance the acquisition of a 119-bed skilled nursing facility in Nashville, Tennessee, with the experienced owner/operator buyer looking to refinance through HUD in the coming years. Built in 1970 and completely renovated and expanded in 2013, this facility has a 48-bed short-term care unit, made up of all private rooms, and the remaining 71 beds are dedicated to long-term care patients. There is also a 4,000-square foot therapy gym that, along with the state-of-the-art upgrades received in 2013, helps the facility compete in the area. It was acquired by a public REIT as part of a large... Read More »
Monticello Asset Management Assists New York SNF With Bridge Financing
One of New York City-based Monticello Asset Management’s investment vehicles originated $8.03 million in first lien debt on behalf of the new owner of a 140-bed skilled nursing facility in New York. Leroy Operating, LLC (the borrower) used the funds to purchase the 40-year old facility, which currently has a five-star rating from CMS. In addition to traditional long-term care, the facility also features a 40-bed non-secure memory care unit and a 28-bed short-term or sub-acute therapy unit on its 8.2-acre campus. Ancillary services include physical, occupational and speech therapies too. The borrower expects to refinance through HUD in the coming years. Read More »
Meridian Capital Group Closes Almost $200 Million In Three Financings
Meridian Capital Group made news this month, closing nearly $200 million in financings in three separate transactions. The largest, by far, was a $136 million acquisition loan that financed the purchase of 10 skilled nursing facilities located throughout Ohio. A balance sheet lender provided the loan, which came with a five-year term, 25-year amortization schedule and six months of interest only. And the team of Ari Adlerstein, Ari Dobkin, Josh Simpson and Corey Schwartz of Meridian worked with multiple lenders to close the deal within 52 days, and before the end-of-year deadline. The same team also secured a $42 million bridge-to-HUD loan, with a 36-month term, on behalf of a company... Read More »
Greystone Refinances Upstate New York Skilled Nursing Facility
A 112-bed skilled nursing facility in Niskayuna, New York (near Schenectady) will have the funds to upgrade its services and amenities thanks to a $27.05 million HUD refinance arranged by Fred Levine of Greystone. Current amenities already include an on-site salon, private dining space and a newly renovated dining area, and the facility provides sub-acute rehab, ventilator therapy, respiratory care, traumatic brain injury treatment and pediatric rehab and respite services. However, Sentosa Care, the owner, has plans to invest significant capital in upgrading the facility’s existing spaces and amenities, in addition to building a new ventilator unit and upgrading the pediatric unit. The... Read More »Schedule a demo
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