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CANONSBURG, Pa. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg.
The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The facility was built in 1985, later renovated in 1995 and has 140 beds.
Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.