NESCONSET, N.Y. — Monticello Asset Management has provided $45.3 million in bridge-to-HUD financing to Nesconset Property NY LLC.
The borrower will use the funds to acquire two adult daycare facilities and a 242-bed skilled nursing facility in New York State. Although the names and locations of the properties were not disclosed, the borrower is named for Nesconset, a town on Long Island.
The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled nursing facility was built in 1984.
The borrower plans to convert the financing to HUD debt before the end of the loan term.