ALP Community Obtains Financing from Monticello
Monticello Asset Management, a specialized private real estate and asset-based lender, asset manager and servicer, just provided $40 million in 10-year, first lien debt for an assisted living community in the Bronx, New York. The 256-bed community participates in the Assisted Living Program, which was introduced in the state around 30 years ago. In short, the ALP program provides a higher level of care (close to skilled nursing) in an assisted living setting for Medicaid residents. It’s a win for the state, which can reimburse nearly skilled nursing level care at a lower rate, and for the providers, which can take in Medicaid residents at a significantly higher rate. Even with the higher... Read More »
Monticello Funds Tennessee SNF Purchase
Following up on several other acquisition financings closed on behalf of a previous borrower in the past three years, Monticello Asset Management funded the purchase of two more skilled nursing facilities in Tennessee. Totaling $16 million in first lien debt that Monticello expects to refinance through HUD in the coming years, the transaction was arranged for an experienced owner/operator with a current portfolio of more than 3,700 licensed beds. This latest acquisition totaled 303 beds across the two Tennessee locations. Monticello’s asset-based lending group, Monticello Commercial Capital, also provided a $3 million working capital loan to the operating companies. Read More »
Monticello Magic
To finance the acquisition of two skilled nursing facilities in New Jersey, Monticello Asset Management worked on behalf of a previous client to provide first lien debt financing for the deal. The two facilities totaled 328 beds and were acquired on the heels of another SNF acquisition by the buyer in 2018. The 2019 acquisition was funded by $37.8 million in financing, but Monticello’s asset-based lending group, Monticello Commercial Capital, also provided a $3 million working capital loan to the operating companies. In the end, the borrower expects to refinance through HUD. Read More »
Garden State Acquisition Gets Financing From Monticello
A large skilled nursing portfolio in New Jersey sold thanks to financing provided by two of Monticello Asset Management’s investment vehicles. The $69 million bridge financing is comprised of $65 million in first lien debt and a $4 million working capital loan, which the borrower expects to refinance with HUD. A New Jersey-based operator was the borrower and brings some experience in acquiring skilled nursing facility, having added eight similar facilities to its portfolio in the past three years. This current acquisition involves four facilities and 654 total beds, including 74 memory care and 60 assisted living units, as well as a 16-bed ventilator unit. Read More »Schedule a demo
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