• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
MonticelloAM Funds Large Virginia Acquisition

MonticelloAM Funds Large Virginia Acquisition

MonticelloAM and its affiliates just announced a large first lien debt financing to fund the acquisition of five skilled nursing facilities in Virginia. The borrower, an experienced owner/operator with an established relationship with Monticello (having received acquisition financing for several other facilities in 2019), obtained $97.2 million in debt, including an $8 million working capital loan provided to its operating companies. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the working capital.   The acquisition featured 856 beds located primarily around Richmond, bringing the owner’s portfolio to a total of 1,155 licensed beds. The... Read More »
Owner/Operator Makes Big Purchase in North Carolina and Kentucky

Owner/Operator Makes Big Purchase in North Carolina and Kentucky

An experienced owner/operator just bought a large portfolio of skilled nursing facilities in North Carolina and Kentucky, thanks in part to first-lien debt financing provided by Monticello Asset Management and its affiliates. The acquisition involved 12 SNFs evenly split between the two states. The properties averaged a 1977 vintage, and the gross building area totaled 402,554 square feet.   There was also one skilled nursing facility already in the buyer’s portfolio that was refinanced in the deal. Altogether, there were 1,357 beds across the portfolio, bringing the buyer’s total to more than 8,750 licensed beds.  Monticello had worked... Read More »
Monticello Closes Two More First Lien Debt Financings

Monticello Closes Two More First Lien Debt Financings

The financings keep on flowing from Monticello Asset Management, which recently secured two more first lien debt packages for clients in the Mid-Atlantic. The Maryland transaction consisted of a $32 million loan provided to an experienced owner/operator with a portfolio of over 1,300 licensed beds to refinance its 177-bed skilled nursing facility in Cecil County (northwest Maryland). Built in 1994, the facility (through its operating company) also received a $2 million working capital loan. Then, in New Jersey, Monticello funded the acquisition of a rental CCRC in Camden County with $38 million in first lien debt. Consisting of 226 independent living units, 113 assisted living/memory care... Read More »
Monticello Finances Tennessee Transaction

Monticello Finances Tennessee Transaction

Monticello Asset Management and its affiliates provided $15.8 million in first lien debt to finance the acquisition of three assisted living/memory care communities in Tennessee. Totaling 126 units, the communities will also be renovated thanks to funds from this transaction. The borrower was an experienced owner/operator of seniors housing communities with a portfolio of more than 1,100 units, inclusive of recent acquisitions. This is the second Tennessee transaction closed by Monticello this month. The earlier deal consisted of $16.68 million of first lien debt for the refinance of two skilled nursing facilities and 303 total beds in the state. That transaction also included a $3 million... Read More »
Monticello Finances Two Tennessee SNFs

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 »