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NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida.
Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties.
The portfolio comprises 450 skilled nursing beds across four properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed.